Shoppers buying the latest fall trends may soon notice prices rising.
That’s because the Trump administration plans to slap 15 percent levies this Sunday on a hefty amount of apparel and footwear as the trade war with China continues to escalate. The former will be most impacted, with over 90 percent of apparel imported to the U.S. from China set to be subject to the new levies.
As fashion is an industry that is already grappling with high duties (51 percent of those collected by the U.S. government came from the apparel, footwear, textiles and travel goods industry in 2017), a number of high-profile brands have warned that they will have little choice but to raise prices.
Ralph Lauren Corp. was among them, with its president and chief executive officer Patrice Louvet stating earlier this year that tariffs “will result in higher costs for goods and services to the average cost-conscious U.S. family, which will in turn lower apparel and footwear sales, resulting in loss of jobs for U.S. workers.”
Others that have issued similar warnings include PVH Corp., the owner of Calvin Klein and Tommy Hilfiger; Forever 21; Steve Madden, and Ulla Johnson.
Here are four fall fashion items that will be hit with levies this weekend and could therefore soon see their price tags increase: