Latest news with #NationalCouncilofTextileOrganisations
Fashion United
03-07-2025
- Business
- Fashion United
US Senate garners industry praise for passing bill that could end de minimis loophole
Textile industry leaders have praised the US Senate's decision to pass a budget reconciliation package that could potentially see the permanent end of de minimis for commercial shipments from all countries. The provision, which would end de minimis treatment by July 1, 2027, comes as part of a broader budget bill addressing tax code provisions and spending, among other things. President Donald Trump has requested for the bill to arrive on his desk by July 4. In its current format, the de minimis loophole has allowed low-value imports worth under 800 dollars to enter the US duty-free. In recent years, it has become the centre of trade debates, as textile and retail organisations have criticised the exemption for allowing excessive shipments from other countries to bypass regulations. The loophole had officially closed for Chinese imports to the US in May, however, trade organisations had called for a full halt on the exemption for other countries too, in order to avoid an influx of cheap Chinese goods to enter from third countries. The recent extension has thus been praised by such firms, including the National Council of Textile Organisations (NCTO), the CEO of which, Kim Glas, commended Senate leaders for including the permanent end of de minimis in the bill. Glas stated: 'This provision would help rebalance the playing field for the domestic textile industry, which has seen the closure of 28 plants over the past 23 months. We are urging congressional leaders to ensure inclusion of this critical provision in the final version of the reconciliation bill this week, which would bring us one step closer to marking a significant milestone for the US textile industry and a broad coalition of organisations dedicated to advocating for ending this destructive loophole.'
Time of India
26-05-2025
- Business
- Time of India
US wants to make tanks, not T-shirts: Donald Trump on tariffs
US President Donald Trump (Pic credit: AP) US President Donald Trump defended his hardline tariff strategy on Sunday, emphasising that his goal is to bolster American production of military and high-tech goods, not revive the country's textile industry. "We're not looking to make sneakers and T-shirts," Trump told reporters before boarding Air Force One in New Jersey. "We want to make military equipment. We want to make big things. We want to make, do the AI thing." The comments came in support of treasury secretary Scott Bessent's April 29 remarks, in which he downplayed the need for a "booming textile industry." That sentiment was swiftly criticised by the National Council of Textile Organisations, but Trump doubled down, saying his focus is on manufacturing critical products such as computer chips, tanks, and ships. "I'm not looking to make socks," Trump added. "We can do that very well in other locations." However, Trump's prioritisation of military and technological goods has drawn pushback from the American Apparel & Footwear Association (AAFA), which argues that further tariffs would damage the already strained US apparel industry. "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,' AAFA president Steve Lamar said in a statement. "More tariffs will only mean higher input costs for US manufacturers and higher prices that will hurt lower income consumers." Trump's remarks come as he revives aggressive trade rhetoric, calling on Friday for a 50% tariff on European Union goods starting June 1. He also floated a potential 25% levy on all imported iPhones sold in the US, a move that could have sweeping implications for tech giant Apple and American consumers. However, on Sunday, Trump extended the EU tariff deadline to July 9, citing a desire to allow for more negotiations with the 27-nation bloc.
AsiaOne
26-05-2025
- Business
- AsiaOne
Trump says US wants to make tanks, not T-shirts, World News
MORRISTOWN, New Jersey — US President Donald Trump said on Sunday (May 25) his tariff policy was aimed at promoting the domestic manufacturing of tanks and technology products, not sneakers and T-shirts. Speaking to reporters before boarding Air Force One in New Jersey, Trump said he agreed with comments from Treasury Secretary Scott Bessent on April 29 that the US does not necessarily need a "booming textile industry" — comments that drew criticism from the National Council of Textile Organisations. "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 do the AI thing with computers," Trump said. "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," Trump said. Trump, who has upended world markets with the broad imposition of tariffs, revived his harsh trade rhetoric on Friday 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. [[nid:718371]]
Straits Times
25-05-2025
- Business
- Straits Times
Trump says US wants to make tanks, not T-shirts
Mr Trump said he agreed with comments from Treasury Secretary Scott Bessent on April 29 that the US does not necessarily need a "booming textile industry". PHOTO: REUTERS Trump says US wants to make tanks, not T-shirts MORRISTOWN, New Jersey - US President Donald Trump said on May 25 his tariff policy was aimed at promoting the domestic manufacturing of tanks and technology products, not sneakers and T-shirts. Speaking to reporters before boarding Air Force One in New Jersey, Mr Trump said he agreed with comments from Treasury Secretary Scott Bessent on April 29 that the US does not necessarily need a "booming textile industry" - comments that drew criticism from the National Council of Textile Organisations. "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 do the AI thing with computers," Mr Trump said. "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," Mr Trump said. Mr Trump, who has upended world markets with the broad imposition of tariffs, revived his harsh trade rhetoric on May 23 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. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
