Depression-era trade policy is way out of style

Something happened to the fashion industry this month that hasn’t happened since before the Great Depression. The U.S. government raised tariffs on U.S. apparel, footwear, and home textile imports into the United States. By a lot.

Starting Sept. 1, the U.S. imposed a new 15% tariff on 92% of the clothing, 68% of the home textiles, and 53% of the shoes we buy each year from China. These tariffs are on top of the average 13.2% tariff rate already in place on these products, and which already keep prices higher than what they might be.