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With the latest round of tariffs on a wide swath of goods from China set to hit Sunday, the head of a major trade association representing the apparel and footwear industry is warning the United States is fast approaching “retail Armageddon.”
“If we get hit with these tariffs, this is a one way ticket to retail ugly,” Rick Helfenbein, CEO of the American Apparel & Footwear Association, told Fox Business.
Beginning Sept. 1, the Trump administration will slap 15% tariffs on $300 billion in products imported from China. The duties scheduled to take effect in the coming days will hit 92% of apparel and 53% of footwear imported from China.