Economy
US and Indonesia reach tariff deal
Both the US President Donald Trump and the Indonesian President Prabowo Subianto said that the tariffs faced by the Southeast Asian country would be reduced from 32% to 19%
Trump intensifies trade tensions with the EU and Mexico
Tensions are rising over trade after US President Donald Trump sent letters to the European Union (EU) and Mexico threatening to impose a 30% tariff on their goods from the 1st of August
Trump’s 50% tariff threat to Brazil raises alarm in footwear industry
Donald Trump has threatened Brazil with a 50% tariff starting on the 1st of August over charges against its former right-wing president Jair Bolsonaro. The Brazilian footwear industry has already voiced its concern
US President postpones reciprocal tariffs but announces new country-specific rates
Donald Trump has officially delayed imposing higher tariffs on US imports until the 1st of August, and has sent letters to 14 countries detailing the levies they face, including Japan and Korea
The US and Vietnam reach an agreement on tariffs
US President Donald Trump announced that the US would impose lower-than-expected tariffs of 20% on many Vietnamese exports, and 40% on transshipments through Vietnam from third countries
Italian footwear, leather goods and tannery machinery sector ends 2024 in the red
Preliminary figures from Assomac indicate that the sector recorded a year-on-year drop in turnover of 12% in 2024, with an estimated closure of around 575 million euros
US core retail sales hold their own
Continued growth in core retail sales in May was shown by data released by the US Census Bureau, despite a downturn in overall sales amid fluctuating tariffs, said the National Retail Federation
US and China strike preliminary trade deal
The United States and China have reached a framework agreement on a trade deal that eases global trade tensions. However, the final terms have yet to be formally agreed upon by both governments
Brazilian footwear production expected to grow by between 1.4% and 2.2% in 2025
Brazilian footwear production is expected to grow by between 1.4% and 2.2% in 2025, says Abicalçados, driven primarily by the domestic market. Still, the current global economy may favour exports
Expo Riva Schuh and Gardabags to address current challenges facing the footwear and accessories market
The event will address challenges such as tariff uncertainty, supply chain fragmentation, and shifting economic geographies in order to help brands and companies navigate the international landscape
US Trade Court blocks most of Trump’s global tariffs
The Court of International Trade ruled that President Trump did not have the authority to impose blanket tariffs on imports from US trading partners. This voids most of the tariffs that sparked the latest global trade war
Trump threatens to impose a 50% tariff on EU goods
On Friday, US President Donald Trump used social media to threaten a 50% tariff on European Union (EU) imports from the 1st of June, reigniting fears of a trade war. After a weekend call, he agreed to delay it until the 9th of July
US Retail: bleak prospects amid growing uncertainty
The footwear retail sector is definitely underperforming, especially compared with clothing and accessories. The current trade war between the US and its trading partners is not helping consumers recover from last year’s inflationary crisis. Consumer confidence has fallen by almost 30% in the first four months of the year as people believe that shoe prices may rise significantly again. Against this backdrop, importers are at a standstill, trying to guess the best course of action. Uncertainty is the word that best describes the current situation in the sector
UK Retail: the sector appears to be holding its own
The UK retail sector appears to be holding its own despite fears of increased costs as a result of the new Employment Rights Bill. In particular, retail sales of Textile, Clothing and Footwear (TCF) have risen back-to-back in the first quarter of the year, and the improvement in footwear inflation from negative to neutral in March may suggest a boost to demand. Although consumers aren’t exactly optimistic about the future, especially with new rising bills and the ongoing US trade war, retailers still have reasons to restock
US strikes deal with UK, cuts China tariffs for 90 days
The US will reduce import taxes on a set number of British cars and allow some steel and aluminium into the country tariff-free. It will also lower tariffs on Chinese goods from 145% to 30% for 90 days.-
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