The last year in trade has been beyond unpredictable. The United States, which represents a meaningful share of exports for apparel producing countries around the world, has sent repeated shocks throughout the system, starting with Liberation Day. While the IEEPA tariffs announced on that day in April 2025 have since been struck down by the U.S. Supreme Court, the industry remains changed—and on edge—nonetheless. As the Trump administration pursues alternate tariff strategies, brands, retailers and their supply chain partners are braced for whatever comes next.

In our first trade report, Hertzman Global Intelligence provides context for all of the moving parts in this chaotic environment. Starting with the trade war, we tapped an expert in Washington to breakdown the various tariff mechanisms at Trump’s disposal and the likelihood any of them would stick. From there, we also examine what to expect as we advance toward a review of the United States Mexico Canada Agreement and yet another deadline for the African Growth and Opportunity Act. We also highlight how supply chain shocks—either geopolitical or environmental—often translate into deteriorating working conditions at factories and mills.

For good measure, the report includes definitions for key trade terms, many of which may have fallen out of favor until now or simply deserve closer inspection with so much up in the air.