Here is a 100-word summary:
US President Donald Trump announced a baseline tariff of 10% on all imported goods, with much higher rates for countries with trade deficits, including 46% for Vietnam, 49% for Cambodia, and 54% for China. The fashion industry reacted with shock, with shares of companies like Lululemon, Nike, and Ralph Lauren plummeting up to 10% in after-hours trading. Tariffs on goods such as clothing and shoes will increase costs and lead to uncertainty and anxiety for fashion businesses, with some sectors like luxury and sports brands particularly vulnerable. US consumer confidence is already low, and prices may rise to absorb additional costs.
