Sourcing Journal: TPP Trade Deal Signed Without the US—Which is More Focused on Formally Ordering Steel Tariffs
By Tara Donaldson
Now that the U.S. will officially add a 25 percent tariff on foreign steel imports and 10 percent on aluminum, the country could end up in an even worse position on trade. For one, the E.U. has threatened levying a 25 percent tariff on Levi’s jeans coming from the U.S.—and the region isn’t alone in its line of thinking.
“These tariffs aren’t quite as high as tariffs on the fashion industry, which can reach 32 percent on some products. However, we know these tariffs will be catastrophic for the U.S. economy and jobs,” the United States Fashion Industry Association said in a statement following the tariff announcement Thursday. “We’re not being partisan or subjective; it’s Trade Policy 101—and we can expect widespread net job loss in the United States as a result, according to early studies, not to mention regressive taxes on American consumers. This is not the way to support American companies and jobs, and definitely not the way to participate in the global economy.”