WASHINGTON, D.C.- American Apparel and Footwear Association (AAFA) president and CEO Rick Helfenbein appears on CNBC’s “The Exchange” to discuss tariffs. Helfenbein explains the existing duties on imported apparel and the impact of new, looming regulations.
In the interview, Helfenbein explains how apparel has customarily been a highly-tariffed market when it comes to imports, and if new levies go into effect, the cost of goods will go up. Helfenbein also points out that while some U.S. tariffs were designed to keep production stateside, 97 percent of all apparel is imported. China’s stake in that market, he adds, is significant.
“What most people don’t realize is, in America today, 41 percent of all apparel comes from China,” Helfenbein says, suggesting that if the U.S. vacates China for other Asian manufacturers, the choices are slim. With the current approach by the U.S, Helfenbein speculates prices on apparel will increase in March 2019.
To watch the full interview, visit https://www.cnbc.com/video/2019/02/21/apparel-prices-will-go-up-in-march-regardless-of-trade-deal-says-american-apparels-helfenbein.html.