Global Brands CEO Bruce Rockowitz is confident President Trump will be good for Asia’s apparel industry.
Speaking at the release of the company’s half yearly results in Hong Kong Thursday afternoon, Rockowitz, who knows Trump personally, does not believe tariffs will be imposed on goods imported from China because it will hurt too many American businesses.
A growing US economy would benefit Global Brands Group because it was already performing well in a weak market. “We’re not banking on it, we’re not budgeting for it.” But if the US economy improves, the company is ready to reap the rewards, he said.
“He [Trump] is a businessman. A very smart businessman. He is pragmatic. He is a person who will put the right people around him and he will listen to them
One thing we believe is that there is going to be an economic boom in the US because of his policies and the fact he controls both houses. Lowering the corporate tax to 15 or 16 per cent will result in a lot of new jobs in the economy.”
With lower company taxes and more jobs, more money will be circulating in the economy. ON top of that Trump plans infrastructure planning – meaning more spending.
“The one thing he will want to be remembered for is for a great economy.”
If he imposed taxes on imports, giant American companies like Apple, Walmart and car makers who rely on imported components (and in Apple’s case complete products) would be adversely impacted and Trump would not want that, Rockowitz said.
“Forty-five per cent import duties would be catastrophic, so I don’t think he will do that.
“The election is over and we are seeing now he is being more conciliatory.”