21 hours ago
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The Trump administration unveiled its full tariff plan this week, and the fashion industry was immediately sent into turmoil. The tariffs include a minimum flat 10% tariff on goods from all countries except Russia and North Korea, with many other countries’ goods slapped with much higher tariffs. That includes 34% for China, 46% for Vietnam and 20% across the board for the European Union.
Virtually no hubs for apparel manufacturing, like China and much of Southeast Asia, were spared. And neither was Europe, where many luxury goods are imported from. In response, by Thursday afternoon, the U.S. had seen the largest wipeout of stock market value in years. The S&P 500 fell by a full 5%, the largest single-day drop since the pandemic, sparking fears that a full economic recession is likely.
Glossy spoke with a number of fashion and shipping executives about what they’re doing to mitigate the effects of the tariffs on their business and how they expect things to go from here. One prevailing feeling: Diversification of goods manufacturing is still important, even if it feels like playing whack-a-mole.
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English (US) ·