Officials Pete Hegseth Koizumi Shinjiro Rakkasans Protect This House Shirt
All proposed tariffs, except China’s, are now subject to a 90-day pause, which will end on 8 July. But the prospect of tariffs eroding profit margins may spark reactionary cost-cutting moves, say concerned industry insiders. Reports are already beginning to emerge that some US brands have asked suppliers in Bangladesh to pause shipments, absorb the extra costs, or apply discounts to orders. Bangladesh counts the US (the largest single-country apparel importer in the world) as its main export destination and owes much of its industrial and social development to its RMG sector, which is responsible for more than 80 per cent of export income and employs approximately 4 million workers. It has also become a focal point of garment manufacturing in the last decade, following the Rana Plaza factory collapse in 2013.Officials Pete Hegseth Koizumi Shinjiro Rakkasans Protect This House Shirt
China announced 84 per cent retaliatory tariffs on US goods, while the EU passed its own set of tariffs on Wednesday. The trade war bodes badly for fashion. “Manufacturers are concerned that some buyers may push [them] to reduce the manufacturing cost, which is already at its extreme. We have cut the prices many times, and Bangladesh has one of the cheapest labour markets for apparel manufacturing. If the manufacturers have to bear the brunt of the increased tariffs, businesses will be difficult to run, which will eventually put the lives and livelihoods of workers at risk,” says Abdullah Hil Rakib, former senior vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and managing director of Team Group, which owns five RMG factories.
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