Latest news with #MárioJorgeMachado
Fashion Network
2 days ago
- Business
- Fashion Network
Textile expects lay-offs or redundancies?
The president of the Textile and Clothing Association of Portugal (ATP), Mário Jorge Machado, who is also president of Euratex, warns that the US tariffs of 30% on European imports will halt the growth of exports from the textile sector to the country, including Portugal. Mário Jorge Machado told Jornal de Negócios that the negotiations between Brussels and Washington could also result in a significant increase in tariffs, which will mean that some companies may be forced to resort to lay-offs or even dismiss staff. Jorge Machado also recalls that Portuguese companies export "around 500 million euros a year, or 8% of the total value" to the U.S., he told Renascença, visibly concerned about the impact of the tariffs on European imports from the United States, announced last Saturday, July 12, by President Donald Trump. According to Jorge Machado, Portugal was "one of the few markets that grew last year and even had some growth in the first few months of this year, because orders were already placed at the end of last year, but it's a situation that could change," he continued Jorge Machado added that the textile sector still hopes that, by August 1st, the European Union and the U.S. will reach an agreement that will prevent the establishment of tariffs of 30% on European products, according to O Jornal Económico. Otherwise, "Portuguese textiles and clothing will find it difficult to maintain sales to the United States" and, as a result, U.S. consumers will find it difficult to get to/buy Made in Portugal, he concluded.
Fashion Network
2 days ago
- Business
- Fashion Network
Textile expects lay-offs or redundancies?
The president of the Textile and Clothing Association of Portugal (ATP), Mário Jorge Machado, who is also president of Euratex, warns that the US tariffs of 30% on European imports will halt the growth of exports from the textile sector to the country, including Portugal. Mário Jorge Machado told Jornal de Negócios that the negotiations between Brussels and Washington could also result in a significant increase in tariffs, which will mean that some companies may be forced to resort to lay-offs or even dismiss staff. Jorge Machado also recalls that Portuguese companies export "around 500 million euros a year, or 8% of the total value" to the U.S., he told Renascença, visibly concerned about the impact of the tariffs on European imports from the United States, announced last Saturday, July 12, by President Donald Trump. According to Jorge Machado, Portugal was "one of the few markets that grew last year and even had some growth in the first few months of this year, because orders were already placed at the end of last year, but it's a situation that could change," he continued Jorge Machado added that the textile sector still hopes that, by August 1st, the European Union and the U.S. will reach an agreement that will prevent the establishment of tariffs of 30% on European products, according to O Jornal Económico. Otherwise, "Portuguese textiles and clothing will find it difficult to maintain sales to the United States" and, as a result, U.S. consumers will find it difficult to get to/buy Made in Portugal, he concluded.
