Business News: Independent Watch Retailer Collective Horology Sues Trump And Administration Over New Tariffs
Independent watch retailer Collective Horology LLC filed legal action against President Donald Trump, U.S. Trade Representative Jamieson Greer, and a host of other government officials and departments, alleging the administration's new tariff duties are "unlawful," lack congressional approval, and harm American business. The Ventura, California company, in a lawsuit filed in the United States Court of International Trade on July 24, alleges Trump and his deputies, in imposing tariffs of 10% and 12.5% on goods imported into the U.S. under Section 301 of the Trade Act, exceeded the President's authority to unilaterally levy such measures. The lawsuit represents the most aggressive response yet by the watch industry that has been financially kneecapped by the levies that have exacerbated an economically challenging environment that includes a strong Swiss franc against the U.S. dollar and record precious metals prices, a key input in luxury watchmaking. Many of the most high-profile watch brands raised prices in response, while retailers have taken a hit on margins. Collective Horology co-founder and CEO Asher Rapkin. Photo courtesy Collective Horology. Founded in 2018, Collective sells independent watch brands including Armin Strom, Czapek, Fears, U.S.-based J.N. Shapiro and Ming, among others. The company has paid more than $160,000 in tariff duties under various schemes imposed by the Trump White House and U.S. Trade Representative Greer, says co-founder and Chief Exe...
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