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The fashion industry is preparing to tackle potential impacts from Trump's tariffs that could affect profits during the critical spring and holiday shopping seasons. Renowned handbag and accessories designer Rebecca Minkoff shared her insights during an interview with Yahoo Finance Executive Editor Brian Sozzi on the Opening Bid podcast, mentioning the significant financial setbacks her company faced due to previous tariffs.

Minkoff, known for her work in designing handbags and streamlining supply chains in the fashion sector, also founded the Female Founder Collective and her eponymous fashion brand. Despite the challenges faced by her fashion business amid the COVID-19 pandemic, she remains optimistic about its recovery, having sold the company three years ago but still being actively involved.

During the earlier Trump administration, Minkoff advocated for the fashion industry regarding tariffs, highlighting the complexities and time constraints involved in adjusting the supply chain within the industry's typical nine-month production cycle. To mitigate the impact of tariffs, Minkoff relocated her company's operations from China to Vietnam and Indonesia, resulting in cost savings over the years.

In recent times, tariffs have become more than just a talking point for consumers, with Trump imposing tariffs on countries like Mexico, Canada, and China. The fashion industry, heavily reliant on international trade, faces challenges adjusting to these shifts, such as the recent tariff increases on Chinese goods. The looming uncertainty regarding potential new tariffs adds further pressure to an industry already grappling with global economic dynamics.