Trump suspends new tariffs against China, market reacts positively

The American fashion industry is breathing a sigh of relief after Donald Trump shelved plans to add tariffs of up to 25 percent on Chinese goods including apparel and footwear -- at least for now. Trump agreed to restart trade talks with China at the G20 Conference on Saturday, maintaining existing tariffs while negotiations continue. The news was welcomed by the stock market, with some fashion and footwear stocks soaring, such as Nike, which went up 1.8 percent to 86 US dollars, and L Brands (Victoria’s Secret), which increased 2 percent to 26.61 US dollars.