Core Insights - The average effective tariff rate in the U.S. has reached 18.3%, the highest level since 1934 [1] - Various tariff measures implemented by the U.S. government are expected to increase the price level by 1.8%, resulting in an average loss of $2,400 per household [1] - The impact of tariff policies on clothing and textiles is particularly severe, with shoe prices expected to rise by 40% and clothing prices by 38% in the short term [1] - Long-term projections indicate that shoe and clothing prices will increase by 19% and 17%, respectively [1] - The GDP growth rate in the U.S. is projected to decline by 0.5 percentage points over the next two years due to the effects of tariff policies [1] - The unemployment rate is expected to rise by 0.3 percentage points by the end of this year and by 0.7 percentage points by the end of 2026 as a result of these policies [1]

Core Insights - The average effective tariff rate in the U.S. has reached 18.3%, the highest level since 1934 [1] - The implementation of various tariff measures is expected to increase the price level in the U.S. by 1.8%, resulting in an average loss of $2,400 per household [1] Impact on Specific Sectors - The tariff policy has a significant impact on clothing and textile prices, with shoe prices expected to rise by 40% and clothing prices by 38% in the short term [1] - Long-term projections indicate that shoe prices will increase by 19% and clothing prices by 17% [1] Economic Projections - The U.S. GDP growth rate is projected to decline by 0.5 percentage points over the next two years due to the tariff policy [1] - The unemployment rate is expected to rise by 0.3 percentage points by the end of this year and by 0.7 percentage points by the end of 2026 [1]

Core Viewpoint - Cambodia has made significant progress in its integration into the global trade system since joining the WTO 20 years ago, enhancing its economic structure, trade volume, and living standards while actively participating in multilateral trade frameworks [1][4][12]. Summary by Sections Overall Performance After 20 Years - Cambodia has fulfilled its commitments upon joining the WTO, reducing the average tariff rates for agricultural and non-agricultural products from 28.1% and 17.7% to 9.4% and an estimated 7.9% respectively by 2023 [4]. - The trade-weighted average tariff is projected to be 7.9%, with agricultural and non-agricultural tariffs at 11.8% and 7.6% respectively, leading to higher GDP growth and trade flow [4]. Legal and Regulatory Framework - Cambodia has implemented a new customs law and 25 accompanying regulations to meet WTO requirements, enhancing trade transparency and efficiency [5][6]. - A series of important laws have been revised or established to align with WTO rules, including laws on e-commerce, consumer protection, and trade remedies [6]. Economic Achievements - From 2004 to 2023, Cambodia's GDP increased from $5.3 billion to $32.17 billion, a sixfold growth, with per capita GDP rising from $464 to $1,917 [14]. - International trade has surged, with total trade volume growing from $4.5 billion to $46.82 billion, and exports increasing from $2.798 billion to $23.47 billion, averaging a 12% annual growth rate [14]. Foreign Investment and Social Development - Foreign investment has expanded from $110 million in 2000 to $4.9 billion in 2023, with manufacturing and infrastructure being key sectors [15]. - The poverty rate has significantly decreased from 60% in 2000 to 16% in 2023, with Cambodia set to graduate from the least developed country status by 2029 [15]. Challenges Ahead - Cambodia faces challenges in the current complex international environment, including the need for effective dispute resolution mechanisms within the WTO and adapting to regional trade agreements [18]. - The slowdown in economic growth among key trading partners poses risks to Cambodia's trade and foreign investment inflows [18]. Future Opportunities - Cambodia aims to leverage new opportunities while maintaining a commitment to the WTO multilateral trade system, enhancing its role in global economic cooperation [19]. - The country plans to adapt to evolving international trade rules and promote digital and green trade initiatives to ensure broader benefits [19][20].

Core Insights - The average effective tariff rate in the U.S. has reached 18.3%, the highest level since 1934 [1] - Various tariff measures implemented by the U.S. government are expected to increase the price level by 1.8%, resulting in an average loss of $2,400 per household [1] - The impact of tariff policies on clothing and textiles is particularly severe, with shoe prices expected to rise by 40% and clothing prices by 38% in the short term [1] - Long-term projections indicate that shoe and clothing prices will increase by 19% and 17%, respectively [1] - The GDP growth rate in the U.S. is projected to decline by 0.5 percentage points over the next two years due to the effects of tariff policies [1] - The unemployment rate is expected to rise by 0.3 percentage points by the end of this year and by 0.7 percentage points by the end of 2026 as a result of these policies [1]

Core Insights - The average effective tariff rate in the U.S. has reached 18.3%, the highest level since 1934 [1] - The implementation of various tariff measures is expected to increase the price level in the U.S. by 1.8%, resulting in an average loss of $2,400 per household [1] - The tariff policy has a significant impact on clothing and textile prices, with shoe prices expected to rise by 40% and clothing prices by 38% in the short term [1] - Long-term projections indicate that shoe and clothing prices will increase by 19% and 17%, respectively [1] - The tariff policy is projected to reduce U.S. GDP growth by 0.5 percentage points over the next two years [1] - The unemployment rate is expected to rise by 0.3 percentage points by the end of this year and by 0.7 percentage points by the end of 2026 due to the tariff policy [1]

Core Insights - The average effective tariff rate on imported goods in the U.S. has reached 18.3%, the highest level since 1934 [2] - Tariff policies are projected to reduce the U.S. GDP growth rate by 0.5 percentage points annually in 2025 and 2026 [2] - The unemployment rate is expected to rise by 0.3 percentage points by the end of 2025 and by 0.7 percentage points by the end of 2026 due to tariffs [2] Economic Impact - The average household expenditure in the U.S. is anticipated to increase by $2,400 by 2025, with significant impacts on clothing prices [2] - Short-term price increases for consumers are projected to be 40% for footwear and 38% for clothing [2] - Long-term price increases are expected to stabilize at 19% for footwear and 17% for clothing [2]

Group 1: Investment Rating - The report does not provide a specific investment rating for Deckers Outdoor Corp. (DECK) or Figma (FIG) [4][14]. Group 2: Core Insights - Deckers Outdoor Corp. reported Q1 2026 earnings that exceeded expectations, driven by strong growth in HOKA and UGG brands, with revenue increasing by 17% year-on-year to $965 million [8]. - The gross margin for Deckers was 55.8%, slightly down from 56.9% in the same period last year, while operating profit rose to $165 million from $133 million year-on-year [8]. - HOKA brand revenue grew by 20% to $653 million, and UGG brand revenue increased by 19% to $265 million, while other brands saw a decline of 19% [8]. - Figma is positioned as a significant IPO in the second half of the year, with an increased offering price range of $30-32, suggesting a market capitalization between $17.6 billion and $18.8 billion [14]. - Figma is seen as a disruptor to Adobe, with a focus on enhancing productivity through cloud-based collaboration tools, which contrasts with Adobe's traditional software model [15][16]. Group 3: Financial Summary - For Deckers, the forecast for Q2 2026 revenue is between $138 million and $142 million, with diluted earnings per share expected to be $1.55 [9]. - Historical and forecasted total revenue for Deckers is projected to grow from $4.288 billion in FY24 to $5.470 billion in FY26, reflecting an 18% increase in FY24 and a 16% increase in FY25 [10]. - Figma's revenue growth rate is anticipated to be between 45% and 50%, with a net dollar retention rate of 132% [18].

Core Viewpoint - The article discusses a significant shift in the U.S. geopolitical economic strategy under the Trump administration, characterized by unprecedented tariffs aimed at reshaping global supply chains, curbing China's influence, and re-establishing U.S. economic dominance [1][5]. Tariff Impact - The scale of the tariff measures is alarming, with proposed tariffs of 46% on Vietnamese exports, 49% on Cambodian goods, 36% on Thai products, 32% on Indonesian items, and 24% on Malaysian exports [2][4]. - Following the announcement, Southeast Asian currencies such as the Thai baht and Malaysian ringgit experienced sharp declines, leading to significant market volatility [4]. Trade Balance and Strategy - The U.S. claims these tariffs are a response to "unfair trade practices," yet many ASEAN countries are sources of substantial U.S. trade surpluses, with a total trade volume of $476.8 billion in 2024, including $352.3 billion in exports from ASEAN to the U.S. [4][5]. - Analysts suggest that the true aim of the tariffs is to economically compel Southeast Asian nations to decouple from China, making their ties with China less economically viable [5][6]. Political Leverage - The U.S. strategy is described as using international trade as a tool for political coercion, effectively weaponizing trade to achieve its geopolitical objectives [6]. - The uncertainty surrounding the implementation of these tariffs serves as a strategic weapon, creating confusion and anxiety among targeted nations and businesses, thereby maximizing U.S. leverage in negotiations [7]. ASEAN's Response - ASEAN's collective response to the U.S. tariffs has been weak, with member states unable to form a unified front against U.S. unilateralism, leading to a situation where individual countries seek bilateral negotiations with the U.S. [10][11]. - The establishment of a "Vietnam precedent," where Vietnam negotiated a reduction in tariffs from 46% to 20%, has shifted the focus of other ASEAN countries from collective resistance to individual negotiations, fostering competition among them [13][14].

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9] Core Insights - The U.S. apparel industry is expected to transition from weak replenishment to passive accumulation of inventory due to weak retail performance and expectations [2][6] - The overall inventory levels in the U.S. apparel sector are now considered healthy, shifting from a stable state to an upward trend [4][19] - The demand side remains pressured, with U.S. apparel retail growth stagnating around 0% since May 2022, indicating a weak overall consumption environment [5][37] Summary by Sections Inventory Cycle - The U.S. inventory cycle serves as an effective indicator for assessing manufacturing sentiment [4][16] - Historical transitions from inventory depletion to accumulation phases have typically led to stock price increases for manufacturing companies [4][16] - Current inventory levels in the U.S. apparel sector are healthy, with most brands, except Nike, returning to a healthy inventory state [4][22] Demand Dynamics - The U.S. apparel retail growth has been stagnant, with consumer confidence significantly weakened since 2025 [5][37] - The North American market remains the most pressured, with most brands experiencing a decline in revenue compared to other regions [41][42] Future Outlook - The report anticipates weak order elasticity in the near term, with upstream manufacturing unlikely to see significant recovery [6][34] - The recent tariff policies have provided clarity, enhancing investment certainty in the manufacturing sector [7] Sector Perspective - The report emphasizes the importance of focusing on leading manufacturers in the Southeast Asia region, where tariff impacts have been clarified, and investment certainty has improved [7][22] - The leading manufacturers are expected to gain market share due to their competitive advantages in low-tariff regions [7][22]

7月23日，南都记者从浙江省市场监管局获悉，该局公布的2024年流通领域第六期产品质量监督抽查结 果显示，达芙妮投资（集团）有限公司上海分公司生产的一款女式皮鞋因勾心长度下限值不达标被判定 不合格。这已非该品牌自2021年营收回暖以来首次被官方通报存在鞋类核心部件安全隐患。 根据抽查通报，涉事产品具体规格型号为"240（1.5）"，生产批号为"2023.08.26"，在临海市钲钰鞋店 进行售卖。 公开资料显示，勾心是鞋类勾心 是安装在鞋底内部的重要支撑部件，主要起维持鞋底弧度、支撑足弓 和稳定鞋跟的作用，被视为鞋子的"脊梁"。 其长度不足将直接导致鞋子整体刚性减弱、易扭曲变形， 穿着中可能引发摔伤风险。 南都记者了解到，在2021年浙江省市场监管局公布的2021年电热毯、"光腿神器"（袜子）等17类消费品 专项监督抽查情况的通报中，达芙妮女鞋因勾心纵向刚度、勾心硬度不合格被通报。在2022年广州市市 场监督管理局公布的2021年广州市鞋产品质量监督抽查结果中，再因其女鞋勾心纵向刚度与硬度未达标 被通报。两次不合格项目均涉及支撑足弓的重要安全指标。 目前，达芙妮集团尚未就最新通报作出公开说明。 达芙妮投资（集团 ...