Ed Gresser

They're paid by the U.S.

importer, the importer of record.

They're not paid by foreign countries.

They're not paid by foreign companies.

They are paid by U.S.

interests.

And ultimately, when tariffs make their way through supply chains, the tariff cost is felt by the ultimate consumer.

We as consumers are going to experience this differently.

It could be a back-to-school sale or a Black Friday sale that instead of being 50% off is now 40% off.

Or it's not three for $10, it's now two for $10.

We're the most heavily tariffed industry.

This is the trade association for the apparel, footwear, industry, textiles, really the whole ecosystem of trade.

producers, suppliers, service providers that helped you get dressed this morning.

We are still the most heavily tariffed industry.

And one of the big things we've seen over the last year is a very sharp drop in hiring.

It may be that one of the ways they've found to manage this

And so when these prices change, they tend to have an immediate effect not just on consumer wallets,

but also on the psyche of consumers across the U.S.