US apparel, footwear industries fear Trump trade plan
From our friends at the American Apparel & Footwear Association:
January 15: The United States is one of the world’s largest apparel markets, but 97 percent of the garments sold here are made elsewhere. So it will come as no surprise if fashion is the first industry to be affected when President-elect Donald Trump launches his trade strategy after taking office on Friday.
… Corporations are currently taxed upwards of 35 percent on worldwide revenues. The border tax would lower the rate and create a taxation on U.S. operations and consumption. Simply stated, when a product is imported, it would be taxed, and when exported, it would be exempt. …
“This could be devastating for the apparel and footwear industry,” said Stephen Lamar, executive vice president of the American Apparel & Footwear Association. “This increased tax burden would translate into higher shoe and clothing prices for American consumers and fewer jobs for American workers.” (Source: LA Daily News)
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