The US Fashion Industry Association (USFIA) has criticised the Trump administration’s announcement of new tariffs of 25 per cent on steel imports and 10 per cent on aluminium imports, saying these tariffs will be catastrophic for the US economy and jobs. This is not the way to support US companies and jobs and participate in the global economy, it said.
Widespread net job loss in the country can be expected as a result, according to early studies, not to mention regressive taxes on American consumers, USFIA said in a statement.The US Fashion Industry Association (USFIA) has criticised the Trump administration's announcement of new tariffs of 25 per cent on steel imports and 10 per cent on aluminium imports, saying these tariffs will be catastrophic for the US economy and jobs. This is not the way to support US companies and jobs and participate in the global economy, it said.#
The association said it is especially opposed to egregious tariff increases like those recently announced, which are based not on fact, but on the fiction that imports harm domestic jobs. On the contrary, imports support high-quality jobs for Americans, help American businesses to grow and thrive, and encourage American companies to do good in other parts of the world, too, it said.
The association has been strongly opposing tariffs and other barriers to trade that ignore 21st-century supply chains and business operations. (DS)
ALCHEMPro News Desk – India
marketing@alchempro.com
