These sanctions affected multiple sectors including textiles and apparel, and have been maintained under President Joe Biden. This is forcing corporates in the textile sector to search for alternative suppliers amid rising costs of raw material and falling profit margins.
- Washington may boost manufacturing capacity in neighbouring countries through bilateral trade deals, knowledge exchange and upskilling.
- US corporates will pursue alternative suppliers not only in Asia but also in Latin and Central America.
- The environmental footprint of the global textile industry will draw increasing scrutiny, potentially boosting nearshoring efforts.