The different political line between Donald Trump and Kamala Harris could also have a very different impact on the fashion industry, based on the candidate who emerges victorious from the 2024 presidential elections. Despite the reluctance of some experts to consider Trump and Harris fundamental in establishing the interest and consumption rates of the fashion industry, the issue of taxes and the theme of antitrust laws in this regard certainly present different visions. If Trump is planning 100% tariffs on many goods, Harris is following the path traced by the outgoing President Joe Biden, maintaining a more measured position and confirming the tariffs, supported by Trump during his first term, only against China, and which is reflected in the antitrust actions, according to experts, that have hindered the Capri-Tapestry deal. The possible confirmation of the Democratic presidency, this time carried forward by Kamala Harris, focusing on environmental issues and the sustainability of public debt, would be supported by emerging designers, unlike the Republican line, led by Trump, focused on the promotion and affirmation of internationally known brands and European fashion houses.
As reported by Milano Finanza, in the USA, 1,8 million jobs are linked to fashion, of which 232 thousand in the production of fabrics for clothing and footwear, according to the Joint Economic Committee Democratic Bureau of Labor. In 2019, after having threatened duties of up to 100% on Champagne and Made in Italy, the mentor of The Apprentice caused a stir by visiting the new Luis Vuitton factory in Texas, with exaggerated praise for Bernard Arnault, owner of LVMH. If one of his slogans for the 2016 campaign was “Make America rich again”, with the current capitalization of Wall Street the USA could remain the lifeline for European luxury, while waiting for China to recover. According to a study by the Bank of Italy, a Republican victory would decrease the volatility of the stock market and increase stock prices, as well as decreasing the price of oil.
