Since the U.S. and China are close to an interim trade agreement that will alleviate tensions amid the two biggest economies globally, the AAFA (American Apparel & Footwear Association) stated it is “incredibly not happy” for the situation. Rick Helfenbein—CEO and President of the trade organization—said to CNBC, “We don’t view it as a win for us concerning this deal. Finally, we expect these levies will be lifted and that will make a difference.” In the last month, China and the U.S. attained a treaty and began working to conclude a “phase one” trade deal that comprises of a pause in duty escalation and Chinese procures of the U.S. agriculture products.
Wilbur Ross—U.S. Commerce Secretary—said that the deal can be signed by Donald Trump (American President) and Xi Jinping (Chinese President) in one of several locations, counting Alaska, Iowa, Hawaii or somewhere in China. The agreement was initially supposed to be inked at this month’s APEC (Asia-Pacific Economic Cooperation) summit in Chile, but the conference has since been canceled owing to dissents in the country. The White House stated it still intends to sign the deal “within the same time span.”
On a related note, recently, a forecast stated that the U.S. fashion sales might skyrocket and reach 535.9 Billion by the end of 2023. In spite of the global slowdown and political ambiguity, there is still growth potential for the apparel industry. A forecast by Just-Style and GlobalData reported multiple digit progress for the American footwear and apparel business in its recent report. The fashion sale in the U.S. is boosted by specialist retailers and will arrive at 535.9 Billion by the end of 2023, which represents a surge of a whopping 66 billion dollars.