What is the future of home textile?
Home textiles are a major part of the fabric of American life, but the future is not looking great for them.
For one thing, they are not going to be manufactured anymore.
The new U.S. trade agreement with South Korea is a great example of why.
A few weeks ago, Trump announced that tariffs on Korean imports were to rise to 45 percent from 15 percent, which is a slap on the face to the entire South Korean textile industry.
The tariffs will also include tariffs on Chinese textiles, which are also likely to go up.
There are some very bright minds out there in the manufacturing industry, including the president of China’s largest manufacturer, Foxconn, who announced earlier this year that he will invest $10 billion in the United States.
But it’s the future that is truly in doubt.
While most of the world is celebrating the return of American manufacturing jobs, China is struggling to recover from the collapse of its once mighty manufacturing sector.
Foxconn has invested $3 billion in American plants, but it is far from clear how many American jobs will be lost.
China’s textile industry is also being hit by the massive rise in the cost of raw materials, such as iron ore, steel, and cement.
There is no doubt that, in the next two years, China will become a major producer of new textiles and, consequently, the cost will rise.
That will have a knock-on effect on domestic production, which has been falling for years.
As it turns out, the future in the textiles industry is not what the world had hoped.
This is an excerpt from The End of the World as We Know It, by Peter Singer, published by Viking Penguin.
Peter Singer is a renowned futurist and author.
His books include The End-Of-The-World as We Expected It and The Singularity Is Near: A New Global History of the Future.
This commentary is adapted from his book The End: The Future of Work and the Future of Human Society.
It originally appeared on National Review Online.