&w=3840&q=100)
'Focus on common sense solutions': US apparel, footwear industry reacts to Trump's 'make tanks, not t-shirts' remark
US President Donald Trump has irked the domestic textiles industry by saying that his government's tariff measures are designed to boost the production of high-end tech products and defence equipment, rather than the manufacturing of clothes.
Trump referred to Commerce Secretary Scott Bessent's remark from April 29 and said, 'We're not looking to make sneakers and T-shirts. We want to make military equipment. We want to make big things. We want to make, do the AI thing.'
STORY CONTINUES BELOW THIS AD
'I'm not looking to make T-shirts, to be honest. I'm not looking to make socks. We can do that very well in other locations. We are looking to do chips and computers and lots of other things, and tanks and ships,' he added.
Responding to Trump's comments, the American Apparel & Footwear Association (AAFA) President Steve Lamar said, 'With 97% of the clothes and shoes we wear being imported, and with clothes and shoes already the most highly tariffed industry in the US, we need to focus on common sense solutions that can move the needle.'
Trump, who has upended world markets with the broad imposition of tariffs, revived his harsh trade rhetoric last week when he pushed for a 50 per cent tariff on European Union goods starting June 1 and warned Apple he may impose a 25 per cent levy on all imported iPhones bought by US consumers.
But he dialled back on the EU threat on Sunday, extending a deadline for those tariffs until July 9 to allow for talks between Washington and the 27-nation bloc.
He has sought to make good on his promises to boost manufacturing with import tariffs and herald investments by companies and foreign nations into the United States, even as the US economy remains dependent on supply chains with other countries where many goods, including textiles, are produced less expensively.
With inputs from agencies
STORY CONTINUES BELOW THIS AD
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
29 minutes ago
- Mint
US yields reverse course to trade lower ahead of Fed, trade talks
Investors brace for Fed meeting, tariff deadline Labor market update, GDP data on deck next week Treasury refunding announcement could move bond market (Adds context, graphic, analyst comments; updates yields) NEW YORK, July 25 (Reuters) - U.S. Treasury prices rose on Friday in a subdued trading session, as investors prepared for a data-heavy week, updates on U.S. trade talks and a Federal Reserve policy meeting. The U.S. central bank is expected to leave interest rates unchanged at its rate-setting meeting next week, but all eyes will be on Fed Chair Jerome Powell's remarks, as investors look for clues on whether rate cuts are on the horizon this year. A U.S. trade deal with Japan this week and expectations of a similar agreement with the European Union have eased market concerns ahead of President Donald Trump's August 1 tariff deadline, as the prospect of lower-than-feared import duties is largely seen as softening their economic impact. European Commission President Ursula von der Leyen will meet Trump on Sunday in Scotland, after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Treasury yields, which move inversely to prices, were drifting higher earlier on Friday but changed direction over the course of the trading session, with no clear driver. "This week is one of those sleepy summer weeks that has very little to move Treasuries one way or the other and I think that's why you're seeing this slow move lower in yields," said Art Hogan, chief market strategist at B Riley Wealth. On the U.S. economic front, the only data release on Friday was the preliminary June reading of Durable Goods Orders, which came in better than forecast, even though new orders for key U.S.-manufactured capital goods unexpectedly fell in June, the Commerce Department's Census Bureau said. With fresh catalysts in short supply, the market earlier on Friday took its lead from Thursday's European Central Bank meeting, where policymakers kept interest rates steady and delivered a cautiously optimistic outlook on the economy, dimming hopes for further easing this year. "The ECB was nowhere as dovish as people expected and macro data hasn't been bad to say the least," said Slawomir Soroczynski, head of fixed income at Crown Agents Investment Management in London. Market risk appetite has remained intact despite Tesla's disappointing financial results earlier this week, added Soroczynski. U.S. stocks rose on Friday following record closes for the S&P 500 and the Nasdaq on Thursday. Trump clashed with Powell during a rare presidential visit to the U.S. central bank on Thursday, but said he did not intend to fire him, as he has frequently suggested he would. On Friday, he said he got the impression that the head of the U.S. central bank might be ready to lower interest rates. Benchmark 10-year Treasury yields declined by two basis points to 4.388%. Two-year yields, which more closely reflect expectations on monetary policy, were only marginally lower at 3.917%. Bond investors will get an update next week from the Treasury Department on its quarterly issuance plans. Analysts expect no changes to the auction sizes of notes and bonds at the July 30 refunding announcement, with the Treasury relying more heavily on Treasury bills to fund government budget deficits. However, the Treasury could expand the scope of its buyback program, which could be supportive for the long end of the Treasury yield curve. "If (Treasury Secretary Scott) Bessent doesn't meet the market's expectations for growing buybacks, a sharp selloff in Treasuries could ensue," said Ian Lyngen, an analyst at BMO Capital Markets, in a note. On deck next week, in addition to the Fed's meeting, there will also be second-quarter gross domestic product data and July Non-Farm Payrolls. (Reporting by Davide Barbuscia; Editing by Frances Kerry and Cynthia Osterman)
NDTV
an hour ago
- NDTV
'Why Isn't He Paying?' Trump's Golf Visit To Cost Scottish Taxpayers
Turnberry: It may not be typical golf attire, but one of the most ubiquitous outfits seen on US President Donald Trump 's golf course Friday ahead of his visit was the reflective yellow vest worn by Scottish police. The standard issue garb that is far removed from the traditional Turnberry tartan was highly visible on the dunes, the beaches and the grass as thousands of officers secured the course in advance of protests planned during the president's visit to two of his Scottish golf resorts. Trump was expected to arrive Friday evening to a mix of respect and ridicule. His visit requires a major police operation that will cost Scottish taxpayers millions of pounds as protests are planned over the weekend. The union representing officers is concerned they are already overworked and will be diverted from their normal duties and some residents are not happy about the cost. "Why isn't he paying for it himself? He's coming for golf, isn't he?" said Merle Fertuson, a solo protester in Edinburgh holding a hand-drawn cardboard sign that featured a foolishly grinning Trump likeness in a tuxedo. "It's got nothing whatsoever to do with public money, either US or UK" Policing for Trump's four-day visit to the UK in 2018 cost more than 14 million pounds ($19 million), according to Freedom of Information figures. That included more than 3 million pounds ($4 million) spent for his two-day golf trip to Turnberry, the historic course and hotel in southwest Scotland that he bought in 2014. Police Scotland would not discuss how many officers were being deployed for operational reasons and only said the costs would be "considerable." "The visit will require a significant police operation using local, national and specialist resources from across Police Scotland, supported by colleagues from other UK police forces as part of mutual aid arrangements," Assistant Chief Constable Emma Bond said. Scottish First Minister John Swinney said the visit would not be detrimental to policing. "It's nonsensical to say it won't impact it," said David Kennedy, general secretary of the Scottish Police Federation, the officers' union. Kennedy said he expects about 5,000 officers to take part in the operation. He said a force reduction in recent years has police working 12-hour shifts. Communities that are understaffed will be left behind with even fewer officers during Trump's visit. "We want the president of the United States to be able to come to Scotland. That's not what this is about," Kennedy said. "It's the current state of the police service and the numbers we have causes great difficulty." The Stop Trump Scotland group has planned demonstrations Saturday in Edinburgh, Aberdeen and Dumfries. The group encouraged people to "show Trump exactly what we think of him in Scotland." Trump should receive a much warmer welcome from UK Prime Minister Keir Starmer, who is expected to meet with him during the visit. Swinney, the left-leaning head of Scottish government and former Trump critic, also plans to meet with the president.
Time of India
an hour ago
- Time of India
Cryptic poser: Does your rival find you fit and proper for crypto biz?
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel MUMBAI: Amid the crypto frenzy fuelled by Trump and the digital asset making inroads, new players planning to set up shop in India are dealing with a curious rule: they need 'fit and proper' certificates-not from government agencies or any of financial market regulators , but from existing cryptocurrency service a regulatory void, judging the 'fit and proper' quality of a new applicant has been left to existing virtual digital asset (VDA) service providers (SPs). Some of the applicants are discovering that the rule, introduced early this year, not only runs into conflict of interests, but poses other complexities as cryptos are vulnerable to money laundering and cyber in most financial markets too insist on such a certificate to evaluate the integrity, ethical standing, and track record of new managers and entities. For instance, in safeguarding the interests of depositors and investors, persons applying for a banking license and intermediaries like stock brokers have to qualify as 'fit and proper'. But, here the assessment is done by the respective regulator ( RBI or Sebi )-and not by peers or other business and competing organisations in the case of VDAs, the rule stems from a January 2025 communique to VDA SPs from the Financial Intelligence Unit (FIU). An agency under the ministry of finance, FIU is dedicated to curb money laundering and terror finance. VDASPs like crypto platforms exchanges, brokers, and custody service firms providing crypto wallets are "reporting entities" sharing information, as banks do, with the 'fit and proper' is one of the conditions a VDA SP must satisfy to register itself with FIU. Failure to register is in itself a non-compliance with the Prevention of Money Laundering to the January 2025 notification, one of the steps towards registration requires "fit and proper certificate from the FIU IND registered VDA SP(s), in all cases where the applicant VDA SP is into relationship/agreement (B2B/broker/other relationship etc) with the former (either ongoing/prospective/intended)."This widely-worded directive can be interpreted to mean that a new applicant (be it a crypto exchange or an intermediary) could require multiple certificates from different SPs. A custody provider may partner with multiple exchanges and intermediaries, while an exchange may draw liquidity from another to Purushottam Anand, advocate and founder of Crypto Legal , a Bengaluru-based blockchain and crypto-focused law firm, "The 'fit and proper' requirement effectively introduces a disqualification criterion for entities seeking registration as VDASP. Yet, it provides no defined parameters or standards for registered VDASPs to apply during their assessment. There is a complete lack of guidance on the manner, scope, or extent of scrutiny to be conducted by existing VDASPs. In the absence of clarity, new applicants may be compelled to disclose sensitive and confidential business information to potential competitors. Courts have consistently held that vague, arbitrary, and subjective conditions-particularly those introduced through delegated legislation-are legally untenable and liable to be struck down."The requirement may prove self-defeating where an applicant is compelled to seek certification from a competitor, said Harshal Bhuta, partner at the CA firm P. R. Bhuta & Co. "Moreover, obtaining such certification from several service providers may not be straightforward, given the recent cyberattacks and the liability associated with issuing such certificates. A more effective alternative would be for the government to provide recognition to Self-Regulatory Organisations (SROs) and authorise them to issue certificates," said the past one year, two Indian crypto exchanges lost substantial amounts in cyberattacks. And law enforcement authorities fear that cryptos are misused to move money across the border, bypassing banking channels. Coins withdrawn from an exchange wallet can be transferred to private wallets and other wallet owners in various jurisdictions. Recently, FIU advised platforms to keep a watch on transactions linked to persons in border areas. Data requests from the agency has also gone up, said an exchange official."The ministry has streamlined the registration process, which includes having an in-person meeting with the FIU-IND, submission of prescribed documents, etc. These requirements should be carefully looked into by applicants, especially the clause which requires the VDA-SP to furnish a 'fit and proper' certificate from FIU-IND registered VDA-SPs in all cases where the applicant VDA-SP is into a relationship with the former," said Raghav Bajaj, counsel, Khaitan & to FIU and the crypto industry lobby BharatWeb3 went unanswered till the time of going to press.
