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Retailers Pin Hopes on Trump-Xi Meeting

Matters discussed at high-level meetings between world leaders wouldn’t normally turn retailers’ heads from the day-to-day running of their businesses. The G20 summit in Osaka, Japan, which takes place Friday and Saturday, is different. That’s because it will be the first time President Trump and China’s President Xi Jinping will sit down together since trade talks unexpectedly broke down in May and the U.S. threatened to impose additional 25 percent tariffs on all Chinese imports that have yet to be targeted — impacting apparel and footwear for the first time. The proposed levies are particularly worrisome for the industry as they come on top of average duties of roughly 13 percent already paid for apparel and footwear from China. A host of major American fashion companies have warned that the duties would likely result in higher prices for consumers, job losses and store closures across the country. Adding to their woes is the fact that Trump on Wednesday indicated that he may also consider unleashing tariffs on Vietnam, which is second to China when it comes to apparel imports and is where many companies have been moving operations. While no bystander can know what will happen at this weekend’s meeting — or what Trump will

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