Fashion industry faces turmoil as U.S. tariffs bite

The “Liberation Day” tariffs announced by the U.S. administration on Wednesday has sent shockwaves through global industries and financial markets. It precipitated steep stock market declines and raising fears of an escalating international trade war. The U.S. dollar has similarly taken a hit, falling 1.6 percent amid heightened uncertainty. With new import tariffs ranging from a minimum of 10 percent (UK) to a staggering 49 percent (Cambodia), businesses across various countries and industries, including fashion and retail, are being forced to reassess their cost structures, pricing strategies, and supply chain operations in order to weather the storm.