The stock market took a big step up, but the fashion industry bristles under the prospect of higher tariffs and more.
The Dow Jones Industrial Average shot up 3.1 percent, or 1,313.92 points, to 43,535.80 on Wednesday morning after Trump beat out his Democratic challenger,, to return the White House to Republican hands in January. Fashion stocks joined in some of that rally. Among the gainers were Signet Jewelers, up 5.5 percent to $96.70;, 4.7 percent to $21.49; Lands’ End Inc., 3.8 percent to $16.87, and Macy’s Inc., 3.4 percent to $15.84.
“The industry’s climate goals could be challenged with less attention to the environment,” Kolb said. “We must remain adaptable and committed to creativity, diversity and resilience while supporting designers in this changing landscape.” During his first term as president, Trump took an often confrontational stance on the international stage and was quick to threaten big tariff hikes on goods from other countries, which importers say ultimately increase costs for consumers.
Trump has heard that argument before and during his first term did not seem to be overly swayed by it. “The retail industry stands ready to work with President-elect Trump and Congress to enact tax, trade and regulatory policies that make America more competitive, increase domestic investment and create jobs,” he said.
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