US Cotton Mills Face Closure as Export Markets Remain Farmers' Last Hope
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The U.S. textile industry is experiencing a significant downturn, with several mills closing in recent months. This decline is attributed to the de minimis trade loophole, which allows tax-free imports under $800. The National Council of Textile Organizations (NCTO) has identified this policy as a contributing factor to the loss of eight plants, including the closure of 1888 Mills in Georgia and a Hanesbrands hosiery plant in Arkansas .
The U.S. Department of Agriculture (USDA) forecasts a decrease in U.S. cotton mill use in 2023/24 to 1.75 million bales, down from 2.05 million bales in the previous season. This decline is attributed to economic uncertainties and constrained mill use. The NCTO and industry leaders are calling for policy changes to protect domestic manufacturing and jobs ....
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