What could possibly undo the unfortunate financial burden of shopping in this economy? How about lower prices on our favorite clothing?
New Legislation has been introduced to the Senate to lower the tariffs on apparel imports from 14 of the world’s least-developed countries worldwide. The Tariff Relief Assistance for Developing Economies Act of 2009, also known as the Trade Act of 2009 will not only create more jobs leading to better health care and living conditions for the people in these struggling countries but it will also help reduce manufacturing costs at a time when consumers are in need of lower prices.
The 14 countries include: Afghanistan, Bangladesh, Bhutan, Cambodia, East Timor, Kiribati, Laos, Maldives, Nepal, Samoa, Solomon Islands, Tuvalu, Vanuatu and Yemen. Sri Lanka would receive limited duty-free benefits.
Currently, Bangladesh is the No. 3 provider of clothing to the United States, making up 6.6% of all U.S. apparel imports. China is No. 1, with 34%, and Vietnam is No. 2, with 7%.
This adjustment will not take place for quite sometime seeing as the Trade Act of 2009 has yet to reach the House and Congress has a number of more pressing issues to tend to first.
We’re crossing our fingers it will be through Congress by the end of this year.