US to impose tariff on Honduran sock imports

The Bush administration decided yesterday to impose a 5 percent tariff on Honduran socks later this year after finding that imports of low-priced cotton footwear from Central America were hurting struggling sock makers in North Carolina and Alabama.

Monday, April 28, 2008

Though the move could temporarily improve U.S.-made sock sales by boosting the price of Honduran socks, smaller domestic sock makers called the gesture a sham that will do little to prop up their rapidly vanishing businesses.
"This administration has forgotten about the working person. Period. They don’t care," said Dennis Martin, president of North Carolina Sock in Hickory, N.C.



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More on this topic

Honduran Socks Exports on the Rise

July 2009

After the U.S. socks tariff was waived on January 1st, exports have increased 15%.

An article in Laprensa.hn reports that "Gullermo Matamoros, director of the Honduran Maquila Association, explained that despite the global crisis, Honduras remains the world's top exporter of the product.

US suspends tariffs on Honduran socks

January 2009

Since Thursday January 1, the United States has suspended the temporary 7% tariff that it had imposed on sock coming from Honduras.

Nacion.com reported that "this means that Honduras is free from restrictions to export socks and now has a huge opportunity for growth in this area, said Jesus Canahuati, head of the Maquilas Associations, to AP."

US sock makers wage war on Gildan imports

May 2008

Just two years after launching an ambitious plan to become a major player in the North American hosiery business, Gildan Activewear Inc. finds itself caught up in an international trade dispute over the flood of socks into the U.S. from Honduras.

In a politically charged anti-free-trade crusade, independent U.S.

U.S. levies 5% tax on Honduran socks despite FTA

April 2008

The United States has levied a five per cent tariff on imports of socks from Honduras. Although the levy is lower than local producers feared it would be, it is still surprising, given the presence of a free trade agreement between the two countries.

"The import tax that will apply to the importation of socks will be five per cent from July to December and will disappear in January 2009," the president of the Association of Maquiladoras of Honduras, Jesús Canahuati, told reporters.

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