US-China ‘phase one’ deal is not a win for the apparel industry, trade group says

As the U.S. and China close in on an interim trade deal that would thaw tensions between the two economic powerhouses, the American Apparel & Footwear Association (AAFA) said it is “incredibly not happy” over the situation. “We don’t see a win for us in this deal,” Rick Helfenbein, president and CEO of the trade organization, told CNBC’s “Squawk Box” on Monday. “At the end of the day, we hope these tariffs will go away and that will make a difference.” Last month, the U.S. and China reached a truce and started working to finalize a “phase one” trade agreement that includes a pause in tariff escalation and Chinese purchases of U.S. agriculture products.