AAFA, CFDA, CBA welcome US-EU framework on reciprocal trade

In a joint statement, AAFA president and CEO Steve Lamar and CFDA president Steven Kolb expressed gratitude to US President Donald J Trump, EU President Ursula von der Leyen, and their negotiating teams for ensuring that the new 15 per cent reciprocal rate will not be stacked on top of the already high most-favoured nation (MFN) tariffs.

They stressed that this measure would provide much-needed relief to the US fashion industry, which has long faced steep duties on imports of inputs, equipment, and finished goods.

“We are urging the US to embrace this vital non-stacking concept in other deals so that fashion industry can continue to directly and indirectly support more than 10 million US workers as we design, make, market, and sell safe, affordable, authentic, and responsibly made clothes, shoes, and accessories,” they added.

Meanwhile, CBA president and CEO Melissa Hockstad also lauded the agreement. “Consumer Brands applauds the Trump administration and EU leaders for advancing trade negotiations that will reduce tariff and non-tariff barriers for American companies. The administration’s recognition of unavailable natural resources from the EU is a critical step in strengthening common-sense America First trade policy that will benefit US manufacturers and consumers,” she said.

She further emphasised that, being the largest domestic manufacturing employer, the consumer-packaged goods industry urged US and EU officials to expedite the implementation of an ambitious trade deal.

ALCHEMPro News Desk (SG)