INTERNATIONAL
NATIONAL
India’s technical textiles exports are expected to surge by leaps and bounds in the coming years as it has just begun to explore the segment, The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) Chairman Bhadresh Dodhia has said. “Among man-made fibres (MMF), technical textiles make up 30 per cent of the total exports. It is just the beginning for India and it will grow sharply,” he told businessline in an interview. Vehicle to drive MMF Sports wear, fire retardant, geo-textiles, construction, agro-tech, industrial tech and home furnishings all use technical textiles with Germany accounting for 60 per cent of technical textiles pie. Technical textiles can be made stronger than steel and used in rockets. Dodhia said technical textiles can be the vehicle which can drive MMF exports. “Indian textiles exports are cotton-driven. Cotton makes up 60-65 per cent. This is in reverse to what is happening in the global market where MMF accounts for 70 per cent of total textile demand,” he said. The lower share in the textiles export basket is an opportunity and India could emerge as a “favoured” supplier of MMF, Dodhia said. 10% CAGR over past 5 years In the first quarter of the current fiscal, overall exports of technical textiles were $631 million compared with $678 million in the same period a year ago, down by 6.9 per cent. Geotech was the fastest growing segment in the quarter with 88 per cent growth followed by protective textiles with 63 per cent. The decline in technical textiles was one of the reasons why MMF shipments from the country declined by 14 per cent to $1,338 million. Over the past five years, the MMF demand has registered a 10 per cent CAGR after being stagnant during 2014- 2018. “Indian consumers are waking up and therefore, there is significant growth. It is one reason why there is no drive for exports,” Dodhia said. Cotton exports are limited since there are only 7 million tonnes available and therefore, MMF will have to drive textile exports, he said. “Current government policies are extremely good as they are driven towards MMF. The productivity-Linked Incentive (PLI) scheme in MMF sector has been successful,” the SRTEPC Chairman said. Kasturi-like brand The Ministry of Textiles has asked the association to come up with a brand that will represent MMF in the global market. “We are discussing this within our association and working out a plan to come out with a brand like Kasturi for cotton,” Dodhia said. Though crude oil prices determine the prices of MMF products, the rates are not as volatile as cotton. “Price fluctuations in MMF are minimum. And MMF is the only solution for textiles sustainability,” the SRTEPC Chairman said. MMF can be recycled and Prime Minister Narendra Modi wearing a jacket made out of waste plastic bottles has given the sector a new impetus. “Further boost has come through the uniform for legislative staff in the new Parliament building when the jackets are made of MMF,” he said. The Indian government need not handhold the textile sector, particularly when the PLI scheme has proved to be progressive. However, the sector is looking for a better duty structure to be competitive in the global market. “More free trade agreements with buying nations will help us increase exports. Otherwise, the industry does not have any demand,” Dodhia said.
Source: The Hindu business line
Union Minister of Textiles, Commerce and Industry and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal said that Industry and Institute’s pro-active and robust engagement is essential for the indigenous development of technical textiles in India, while chairing the 7th Meeting of the Mission Steering Group (MSG) of National Technical Textiles Mission in New Delhi today. Ministry of Textiles approved 18 R&D projects worth INR 46.74 crores across key strategic areas of Geotech, Protech, Indutech, Sustainable Textiles, Sportech, Smart E-Textiles, Meditech segments during the 7th MSG meeting Among these 18 R&D projects, 14 are high value Projects, 3 are Prototype Grant projects and 1 is Ideation Grant project. The projects cover different application areas of technical textiles including 1 Projects from Geotech, 2 of Protech, 2 Indutech, 2 Sportech, 5 Sustainable Textiles, 3 Meditech, 3 Smart & E Textiles and 1 Geotextiles were approved. The approved projects were led by institutes and research bodies including BTRA, ATIRA, IIT Delhi, IIT Jammu, NIT Jalandhar, IIT Kharagpur, CSIR New Delhi, IIT Madras, among others. The Union Minister reviewed the progress of different components of National Technical Textiles Mission including review of sanctioned R&D products, R&D projects in Mission mode, Formation of a committee for Startups in Technical Textiles under GREAT Guidelines, Outreach activities and events including 6th Edition of MOT-FICCI-BIS National conclave on Standards & Regulations and Meditex conference in July and September 2023, respectively. Emphasis should be on R&D for globally highly imported technical textiles items, apart from importdependent technical textiles items and specialty fibres in India, he further added. Besides, the progress on the Education, Training & Skill Development front was also reviewed by the Union Minister wherein 26 applications from 15 Public and 11 Private institutes valuing INR 151.02 Crores were approved for introducing papers, procuring laboratory infrastructure and training of trainers across different application areas of technical textiles. Senior officials from NITI Aayog, Ministry of Commerce and Industry, Ministry of Road Transport and Highways, Ministry of Heavy Industries, Ministry of Railways, Ministry of Jal Shakti, Department of Expenditure, Department of Higher Education, Department for Promotion of Industry and Internal Trade and members from other Ministries, and eminent members from the industry attended the meeting.
Source: PIB
The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on 'ocean freight' on imported goods with effect from October 1. Currently, importers are required to pay 5 per cent GST under the Reverse Charge Mechanism. KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit Minerals and help explicitly mention the government's alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added. Giving its ruling in the Mohit Minerals case, the Supreme Court in May last year had held that since the Indian importer is liable to pay IGST on the 'composite supply', comprising of supply of goods and supply of services of transportation, insurance, etc in a CIF (Cost Insurance Freight) contract, a separate levy on the Indian importer for the 'supply of services' by the shipping line would be in violation of the GST Act. In the Mohit Minerals case, the company challenged the validity of the CBIC notification regarding the levy of IGST on ocean freight in the Gujarat High Court. The Supreme Court upheld the decision of the High Court.
Source: Economic times
As many as 86 shops that were established temporarily on the E.K.M. Abdul Gani Textile Market (Gani Market) premises will start functioning from next week. Over 1,000 textile shops, both weekly and daily, were functioning on the market premises for 45 years. After the construction of a modern textile hub with 262 shops on the premises, the Corporation served notices to 240 shops to vacate the premises while other shops continued to function. But, Erode Gani Market Dinasari Anaithu Siru Javuli Viyabarigal Sangam (Erode Gani Market Daily All Small Textile Traders Association) moved the court against the order. However, the court asked the traders to vacate the premises and gave time till August. After the deadline ended, the civic body removed the shops. The association moved the court seeking time till Deepavali to run their business on the market premises and the court allowed them till December 31, 2023. Works to set up 86 shops began on the premises on September 22. Traders said the works will be completed in a few days. “All these shops will start functioning from the first week of October,” traders said.
Source: The Hindu
The American Apparel and Footwear Association (AAFA) has raised concerns about the potential return of retaliatory tariffs that are unrelated to steel and aluminium. In an open letter jointly addressed to European Commission President Ursula von der Leyen and US President Joe Biden, the AAFA has called for the permanent removal of these punitive tariffs during the next Presidential Summit in October. In 2018, in retaliation against US tariffs on EU steel and aluminium, the latter imposed a 25 per cent tariff on a range of American goods, including clothing, amounting to US $ 7.5 billion. Although this tariff was temporarily suspended in 2021, it is set to expire in January 2024. The AAFA contends that the apparel industry, its suppliers, and supply chains bore the brunt of these tariffs, despite the disputes being unrelated to their sectors. They acknowledged the relief provided by the suspension of retaliatory tariffs in 2021, which aided economic recovery post-COVID-19. However, concerns have arisen regarding the possible reintroduction of these tariffs in January and the potential imposition of a second round of tariffs. Eighty-five organisations representing affected industries have advocated for the permanent removal of retaliatory tariffs on all non-steel and non-aluminium products. The open letter states: “At a time of increased geopolitical tensions and volatility, the permanent removal of tariffs on unrelated sectors will support efforts to grow the transatlantic economy and enable our sectors to play a full part in addressing global challenges.” The AAFA also expressed their readiness to support collaborative efforts between the EU and the US
Source: Apparel Resources
Delve into the remarkable narrative of Tirupur Exporters Association, led by President Mr. K.M. Subramanian, as they steer the textile industry towards sustainable growth and global prominence. At the heart of this tale lies Tirupur’s unrivaled expertise in knitwear manufacturing. From pioneering sustainable practices to championing circular business models, Tirupur stands tall as the epitome of success in the textile domain. This article offers an illuminating glimpse into how Tirupur’s knitwear industry not only survives but thrives, setting a shining example for the textile world to follow. In the financial year 2022-23, India’s total Readymade Garments exports amounted to Rs. 1,29,971 Crores, reflecting a positive growth of 8.78% compared to the previous year. In Dollar terms, Readymade Garment exports in 2022-23 increased to US $ 16.19 Billion against US $ 16.02 Billion recorded in 2021-22, marking a positive growth of 1.06%. The knitwear exports from Tirupur in 2022-23 also witnessed growth, amounting to Rs. 34,350 Crores against Rs. 33,525 Crores recorded in 2021-22. The share of Tirupur to All India knitwear exports in 2021-22 was 55.60%. Efforts have been underway to promote the manufacturing of MMF products recognizing the global demand for product diversification, with the current buying pattern for synthetic and cotton garments standing at a ratio of 70% to 30%. Plans are in place to conduct awareness programs and assist members in enhancing their production share of MMF products. Tirupur Cluster’s Sustainability: With Environment and Sustainability Governance (ESG) being a prominent topic of discussion, the Association has been engaging with experts to comprehend the right procedures. The focus is on encouraging members to follow and adopt sustainable practices within their units, acknowledging the potential of a circular business model and the need to be part of the global transformation towards sustainability. Leading global fashion brands are increasingly committing to net zero targets, indicating a rising trend towards sustainability in the international fashion arena. The adoption of circularity is crucial, prompting major global retailers to set targets for reducing their carbon footprints. The ‘Reuse, Recycle, and Reduce’ concept is propelling the industry towards a sustainable future. In a pioneering move, Tirupur has already implemented Zero Liquid Discharge in its processing units, recycling 120 MLD, a first of its kind globally. Furthermore, the Tirupur industry has significantly invested in wind and solar power (2000 Mega Watt), surpassing requirements by eight times, and has been actively involved in afforestation and rainwater harvesting. However, to achieve a circular economy, support from the Government in the form of sustainable finance is essential, especially considering that 90% of exporting units are MSMEs. The Association proudly announces its membership in Textile Exchange, a platform that promises to provide valuable insights into global trends and requirements related to sustainable garment production. This membership is anticipated to enhance Tirupur’s potential by enabling more US and EU brands to initiate business partnerships, ultimately promoting the growth of exports. In the financial year 2022-23, the top 10 knitwear garment items constituted a significant share of 60.07% of total knitwear exports from Tirupur. Notably, items such as T-Shirts made of Cotton, Babies Garments made of Cotton, and T-Shirts made of Other Fibres were among the top exported items from Tirupur, with values amounting to Rs. 8,396 Crores, Rs. 3,790 Crores, and Rs. 2,493 Crores, respectively. These items from Tirupur constitute a share of 60% in All India Exports. Free Trade Agreements India and the European Union have engaged in the sixth round of negotiations, exchanging the first market access offers. The EU has advocated for a deep and comprehensive Free Trade Agreement (FTA) covering various areas, including sustainability, to ensure that trade does not lead to environmental degradation or reduction of labor standards. Hopes are high for addressing the issues and finalizing the agreement by the coming year. In a recent development, negotiations for a Comprehensive Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA). The Hon’ble Union Minister of Commerce and Industry and Textiles, while addressing the audience in Coimbatore on 31st August 2023, conveyed that the Agreement would be concluded at the earliest. PLI & PM Mitra The Central Government has given its approval for the Production-Linked Incentive (PLI) Scheme for Textiles products, focusing on MMF Apparel, MMF Fabrics, and Technical Textile Products. This initiative aims to enhance India’s manufacturing capabilities and exports, with an approved financial outlay of Rs 10,683 Crore over a five-year period. The scheme consists of two parts with specific minimum investment and turnover requirements for incentives. The Ministry of Textiles has approved 64 applications, and three members of the Association have received approval for their investment of Rs.100 Cr, demonstrating their commitment to set up units. Furthermore, the final date for application submission has been extended to 31st October 2023. The Association has advocated for a new version of the PLI Scheme (PLI 2.0) focusing on the textiles sector, particularly on small and medium enterprises and the manufacturing of cotton garments. The proposal suggests fixing a Threshold limit for investment and aligning turnover requirements accordingly. It is encouraging to note that the textile ministry has already submitted a proposal to the cabinet, fixing the Threshold limit at Rs. 25 Crore, and the industry awaits the announcement of the PLI 2.0 Scheme. India’s first PM MITRA Park was launched in Viruthunagar district, Tamil Nadu, on 22nd March 2023, out of the seven Mega Textile Parks announced. The park, covering 1100 acres in Virudhunagar district, aims to create a conducive ecosystem to attract MSMEs in Tirupur. The Association had made several suggestions to enhance the park’s appeal, including plug-and-play facilities, incentives for units in the PM MITRA Park through PLI-2 scheme, solar power integration, and a Common Effluent Treatment Plant for the processing units, among others. The hope is that these suggestions will be favorably considered, attracting investment and generating more employment, especially for women workers.
Source: Indian Textile Magazine
The entire investment will be operational by December 2024. Minister for industries KT Rama Rao along with his ministerial colleagues P Sabitha Indra Reddy and P Mahender Reddy participated in the ground-breaking ceremony. Kitex's first investment project in Telangana is coming up at Kakatiya Mega Textile Park, Warangal where construction of a similar sized integrated fibre-to-apparel manufacturing cluster is ongoing in full swing and expected to commence operations by December 2023. The company is investing Rs.1,600 crore in the Warangal plant. The cluster, spread over 200 acres, will employ more than 15,000 people directly, more than 80 per cent of which will be women employees. Kerala-based Kitex signed MoU with Telangana government in 2021 to invest Rs.2,406 crore in the state.
Source: Retail.economictimes.indiatimes.com
Haryana Textile Association have expressed willingness to invest Rs 2000 crore in Uttar Pradesh. A 21-member delegation of the association called on chief minister Yogi Adityanath recently and informed him that 50 industrial units would be set up in the first phase and that the investment would create direct and indirect job opportunities for over 25,000 youths in the state. Additionally, the state will get foreign exchange from annual sales of products worth Rs 5000 crores and exports will increase, they added. "The CM has also assured the entrepreneurs of providing all kinds of facilities, including land for setting up of industries," an official spokesperson on Tuesday said. They added that the CM instructed the chief secretary to provide land to the Haryana Textiles Association and prioritize the people establishing industries. Talking about their meeting with the UP CM, members of the Haryana Textiles Association in a statement said: "UP had the most conducive environment for setting up of industries in the country today. Entrepreneurs are sure that their investments are safe in UP." The delegation included So Yung Pung and Amit Parikh, CEO of KUNSHAN Qtech Company, a mobile-part manufacturing company from Hong Kong; Sachin Goyal, chairman of Uttar Pradesh MSME Startup; AIM president Satyaprakash Sharma, Jitendra Parikh, Bhupendra Singh, Pratap Arora, Naresh Sharma, Pramod Aggarwal, SP Agnihotri, Pankaj Gupta, Subhash Luthra, Sahil Chandna, Aanchal Bora, PK Aggarwal and Ajay Aggarwal among others.
Source: Times of India
Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 per cent stake in TCNS Clothing to become a promoter of the women's apparel brand. "The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS," ABFRL said in a late night regulatory filing on Tuesday. TCNS has become a subsidiary of the company, and will also be a material subsidiary of the company in accordance with SEBI Listing Regulations, it added. On May 5, Aditya Birla Group firm had announced that it will acquire a majority stake in TCNS Clothing, in a deal worth Rs 1,650 crore. As per the deal, it acquired TCNS Clothing's founding promoter's stake through an SPA (Share Purchase Agreement), followed by an open offer. As per SPA, ABFRL acquired a total of 1.41 crore equity shares constituting 22 per cent of the expanded share capital of the company. "Consequently, post conditional open offer and SPA closing, the company acquired 3.29 crore equity shares, in total, constituting 51 per cent of the expanded share capital of TCNS," it said. TCNS reported a turnover of Rs 1,201.59 crore for the financial year ended on March 31, 2023. "The acquisition is in line with the company's objective of building a comprehensive fashion portfolio across consumer segments and price points," according to ABFRL. ABFRL registered a revenue of Rs 12,418 crore in the financial year 2022- 23. It is India's first billion-dollar pure-play fashion powerhouse, the company said. The company has a network of 4,008 stores across 33,874 multi-brand outlets with 6,837 points of sales in department stores across India as of June 30, 2023. It has a repertoire of India's largest brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. It also owns the leading fashion retail chain Pantaloons. It is also a retailer of international brands and has long-term exclusive partnerships with Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.
Source: The Retail.economictimes.indiatimes.com
INTERNATIONAL
EU’s apparel import from Bangladesh dropped by 11.73 per cent in dollar value (value i.e. to US $ 11.63 billion in January-July 2023 from US $ 13.18 billion in the corresponding period of 2022) during the first seven months of 2023 even as EU’s apparel import from Bangladesh is concerned, it also declined compared to other top sourcing countries. Media reports claimed this while adding during the first seven months of 2023, apparel imports to the European Union (EU) from around the world also experienced a notable decline, registering a decrease of 7.44 per cent when compared to the same period in 2022. Consequently, the EU’s imports from global sources dropped from US $ 56.60 billion in January to July 2022 to US $ 52.38 billion in the corresponding months of 2023, as reported by official EU data. In terms of quantity, measured in kilograms, the EU’s clothing imports also faced a substantial downturn of 12.80 per cent. This resulted in a decline from 2.49 billion kilograms in January to July 2022 to 2.17 billion kilograms in the equivalent period of 2023. Remarkably, among the top ten apparel-supplying countries to the EU, all of them exhibited negative growth in both value and quantity. Specifically, the quantity of apparel imports in kilograms decreased by 14.50 per cent during this period, falling from 774.88 million kilograms in January to July 2022 to 662.56 million kilograms in January to July 2023. Detailed data highlights that the EU’s imports from China, its primary sourcing country, experienced a decline of 10.88 per cent in dollar value, dropping from US $ 14.89 billion in January to July 2022 to US $ 13.28 billion in the equivalent months of 2023. In terms of quantity, there was a corresponding decline from 624.29 million kilograms to 558.20 million kilograms, representing a 10.59 per cent decrease. During the January to July 2023 period, imports to the EU from Turkey, the third-largest apparel source, declined by 10.60 per cent in terms of value, decreasing from US $ 7.15 billion in January to July 2022 to US $ 6.39 billion in January to July 2023. In terms of quantity, measured in kilograms, there was a substantial decrease of 22.52 per cent, dropping from 273.63 million kilograms to 212 million kilograms. Simultaneously, imports from India and Vietnam experienced a decline of 5.79 per cent and 1.84 per cent, respectively, during the same period. Furthermore, in terms of quantity, both countries saw significant declines of 11.49 per cent and 8.99 per cent, respectively.
Source: Apparel resources
The Forced Labor Enforcement Task Force (FLETF), chaired by US Department of Homeland Security (DHS) has added Xinjiang Zhongtai Group Co. Ltd., Xinjiang Tianshan Wool Textile Co. Ltd., and Xinjiang Tianmian Foundation Textile Co to the UFLPA Entity List meaning their goods will be restricted from entering the United States as a result of the companies’ “participation in business practices that target members of persecuted groups, including Uyghur minorities in the PRC.” The three Chinese apparel and textile companies banned are headquartered in Xinjiang. Xinjiang Zhongtai Group is a producer and seller of viscose yarn, other textiles, and chemical and building materials. While, Xinjiang Tianshan Wool is a seller and manufacturer of cashmere and wool garments, as well as velvet and other textiles products. And, Xinjiang Tianmian Foundation is a producer of yarn and textile products. The three could not be reached for comment at time of press. DHS further adds it will publish the revised UFLPA entity list as an appendix to a Federal Register notice. This announcement brings the total number of entities designated on the UFLPA Entity List to 27 companies. Secretary of Homeland Security Alejandro N. Mayorkas says: “We do not tolerate companies that use forced labour, that abuse the human rights of individuals in order to make a profit.” He continues that DHS and its partners across the Biden-Harris Administration will continue to prosecute these companies, fight for the rights of the abused, and work towards eliminating Uyghur forced labour in the People’s Republic of China.
Source: The just-style.com
The mission of Accelerating Circularity is to create new supply chains and business models to turn textile waste into mainstream raw materials. Accelerating Circularity has created a working group, the Alliance of Textile Chemical Recycling (ACTR), to meet and address the textile industry with a common voice to facilitate accurate information on textile chemical recycling. “We formed this collective to move chemical recycling technology forward, share common definitions, and address policies in a collaborative way to maximize the elimination of textile waste to landfills and incineration” explained Karla Magruder, Founder and President of Accelerating Circularity. “Chemical recycling technology has many benefits, including quality more similar to virgin fiber and the ability to recycle multiple times.” ACTR plans to provide the industry with information on how textile chemical recycling can: offer solutions for diverting textile waste to landfill enable textile to textile recycling versus incineration/landfill provide sustainably sourced/circular materials support brand/retailers/producers in achieving their CO2 reduction targets provide long term price stability and consistent supply of raw materials versus virgin Members of the Alliance include founding members Eastman, Lenzing, and The LYCRA Company, as well as key innovators Circ®, Sappi, Renewcell, Infinited fiber, Worn Again Technologies, Gr3n, CuRe Technology, and OnceMore® from Sodra. As a first step, the ACTR (Alliance of Chemical Textile Recycling) is introducing a dictionary of common terms developed to educate the industry on the chemical recycling of textiles.
Source: Textile world
Next Level Apparel, based in Torrance, CA, said its founder, Joe Simsoly, had been appointed interim CEO following the departure of Randy Hales. Hales became co-CEO with Simsoly in November 2020 before taking over as the sole CEO when Simsoly retired in August 2021. Next Level Apparel is primarily known for its promotional blank apparel. During his term as interim CEO, Simsoly will be “focusing on strong production and operations structure” and getting “back to the basics” of the brand’s reputation, Eric Simsolo, his son and VP president of business development at Next Level Apparel, told Advertising Specialty Institute. In mid-August, S&P Global Ratings lowered the debt ratings of Next Level Apparel due to the elevated risk of default after the company disclosed that it had agreed with its lender group to waive its financial covenant for the second quarter ended June 30, 2023 through September 30, 2024.
Source: sgbonline
Chinese brands are gaining increasing recognition from global consumers thanks to the continuous improvement in product quality, Gao Dekang, chairman of Bosideng, a major Chinese down jacket fashion brand, told Xinhua on the sidelines of the Milan Fashion Week. Gao said that many international brands have a deeper brand history, while Chinese brand building is still in its nascent stages. However, numerous Chinese brands have attained global leadership in product design, research and manufacturing, he said. of internationalization. Since the 1990s, the company has been actively engaged in global brand expansion, while maintaining a strong presence in the domestic market. "Internationalization is an inevitable trend for Chinese apparel brands," he said, adding that the company remains committed to being the preferred choice for down apparel brands among global consumers, aiming to secure a prominent position in the medium to high-end segment of the global industrial value chain. Bosideng unveiled its latest light-weight down jacket at the ongoing Milan Fashion Week, showcasing the brand's recent strides in fashion creativity, design and research and development (R&D). Gao predicted that digital transformations and technological innovations will continue to drive consumer product innovation and scene expansion. innovation, coupled with a focus on cultural creativity and sustainable development, China's apparel industry will give rise to a host of world-class enterprises, brands and industrial clusters.
Source: The English news
Writing to US President Biden and European Commission President Ursula von der Leyen, the letter asks for the retaliatory tariffs on products unrelated to steel and aluminium to be permanently removed at the upcoming Presidential Summit in October Back in 2018, in retaliation against US tariffs on EU steel and aluminium, the EU imposed a 25% tariff on US$7.5bn worth of US products, including apparel. This was temporarily suspended in 2021 and is currently due to end in January 2024. The AAFA says between 2018 and 2021, its industries, suppliers, and supply chains were “severely impacted by the imposition of tariffs in disputes wholly unrelated to our sectors” and applauded te agreements reached to suspend the retaliatory tariffs in 2021. The open letter says this temporary agreement provided “important relief” for the sectors affected, helping support economic recovery after Covid-19. But concerns are growing about the return of the tariffs in January along with a second tranche of tariffs. The signatories, which include 85 organisations representing affected industries, are now asking for the retaliatory tariffs to be permanently removed on all products unrelated to steel and aluminium – as well as WTO Large Civil Aircraft, which also has a tariff suspension, currently due to expire in 2026.
Source: The just-style.com
