On 1 August deadline, Vogue Business breaks down tariffs by country and what the rates mean for fashion.
By Madeleine Schulz | August 1, 2025
Now in effect, tariffs remain a key concern for fashion businesses in 2025. All respondents in the US Fashion Industry Association’s 2025 Fashion Industry Benchmarking study said that one of their top business concerns is US trade policy and uncertainty around the impact of President Trump’s tariffs. More than 70 per cent of survey respondents said that the higher tariffs increased sourcing costs, squeezed profit margins and led to higher consumer prices already — and almost half report declining sales and 22 per cent have already laid off employees due to the increased tariffs.
Even so, almost two-thirds of respondents are optimistic about the five-year outlook for the fashion industry. It’s lower than last year, but a sign that a majority of sourcing executives are confident in the industry’s ability to weather the tariff uncertainty.
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