US Apparel & Sportswear: Update on tariffs

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US Apparel & Sportswear: Update on tariffs

24 July 2026

U.S. Apparel & Specialty Retail

Yesterday, the Administration announced a new Section 301 tariff framework that will Aneesha Sherman

+1 917 344 8457 impose tariffs of 10-12.5% on imports from ~60 countries and the EU, taking effect today

aneesha.sherman@bernsteinsg.com and replacing the 150-day 10% Section 122 tariffs that expired today. While the headline

suggests an increase versus the expiring 10% tariff, the new rates landed broadly within the

Jessica Tian range that Mgmt teams have been planning around for the remainder of the year. Overall,

+1 917 344 8413

jessica.tian@bernsteinsg.com the announcement appears neutral-to-positive for our sector, particularly for names with

meaningful U.S. import exposure, as the new rates were lower than perhaps what many

Jed Hodulik investors had feared earlier in the year.

+1 917 344 8594

jed.hodulik@bernsteinsg.com Importantly, the new framework leaves the industry's primary sourcing markets

largely intact. Apparel & Specialty Retail supply chains are heavily concentrated in Asia.

Most major sourcing markets received tariff rates at the low end of the new framework,

including Cambodia, Bangladesh, Indonesia, India, Sri Lanka, and Pakistan at 10%, while

China and Vietnam face 12.5% tariffs (Exhibit 3). Overall, the latest tariff announcement

covers approximately 99% of U.S. imports and effectively extends the tariff regime that

has been in place since February, avoiding the tariff cliff that would have occurred had the

Section 122 tariffs simply expired.

For Apparel & Specialty Retail, we would not expect today's announcement to

materially change sourcing, pricing, or inventory plans. Most Mgmt teams have been