Apparel Online India Magazine July 2nd Issue 2018 | Page 10

WORLD WRAP TO ADVERTISE GOING TO A GOOD EVENT? Contact Rani Mahendru [phone] (512) [email protected] Send your industry gossip, photos and news to [email protected] WHO BENEFITS FROM THE ONGOING TRADE WAR…? CERTAINLY NOT THE END CONSUMER…! I n March this year, 24 of the biggest retailers in the US, including Walmart, Target, Best Buy, Macy’s, Abercrombie & Fitch Co, American Eagle Outfitters, JCPenney and Kohl’s Department Stores signed a letter sent to the US President Donald Trump, requesting him not to impose heavy tariffs on China, as it would not only affect business, but also cripple the average American for whom prices on household basics like clothing, shoes, electronics, and home goods would jump manifold. The President however, seems to have turned a deaf ear to the pleas and is going ahead with his tariff agenda. “We’re like the piggybank that everybody is robbing,” Trump said, addressing a press conference in Canada at the conclusion of the G7 summit. In a tweet earlier this year, Trump categorically justified his crack down on what he calls ‘unfair’ trade – “When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down US $ 100 billion with a certain country and they get cute, don’t trade anymore – we win big. It’s easy!” Trump is equating higher Retailers that have urged the US Government to reconsider their stand on Tariffs Walmart, Target, Best Buy, Macy’s, Abercrombie & Fitch Co, American Eagle Outfitters, JCPenney, Kohl’s Department Stores, Big Lots, Chico’s FAS, Inc, Columbia Sportswear, Costco, Dollar Tree, Gap Inc, Havertys Furniture Co, JCPenney, Jo-Ann Stores LLC, Kohl’s Department Stores Inc, Ikea North America Services, LLC, Levi Strauss and Co, Qurate Retail Group, Sears Holding, The Michaels Companies, VF Corp, and Wolverine Worldwide. tariffs to lower imports and hence more jobs coming back to the US. Yet, most economists are convinced that the ongoing trade war is a tactical mistake that will benefit no one. Even many Republicans, who are pro-trade are unhappy and have openly expressed their disagreement about this direction. Trump had campaigned on the strong plank of job creation, and two years down the line, he argues that the tariffs are going to save jobs and even bring jobs back from overseas. But there are few takers for this argument among both economists and business leaders, who have warned that though a few jobs may be created, many more jobs are likely to be lost, an angle that Trump is not considering at the moment. Canada and Germany. This month, the first impact on jobs was felt when 60 workers at Mid-Continent Nail, America’s largest nail manufacturer in Missouri, were given the pink slip. The company has stated