Fashion
US debt projected to rise to 122% of GDP by 2035: CRFB
If the US Supreme Court rules the International Emergency Economic Powers Act (IEEPA) tariffs illegal, debt would rise further to 127 per cent of GDP, it estimates.
Debt would rise even higher—to 128 per cent of GDP—if tariffs were repealed in full or used for deficit-neutral rebates.
In light of US CBO’s updated tariff estimates and the incorporation of 2025 budget data from Treasury, the Committee for a Responsible Federal Budget now projects debt to rise to 122 per cent of GDP by 2035.
If the apex court rules the IEEPA tariffs illegal, debt may rise to 127 per cent of GDP.
Lawmakers should replace any lost tariff revenue and work to put the debt on a sustainable path, it suggested.
If the rebates were set at $2,000 annually regardless of tariff revenue coming in, debt could rise to 138-143 per cent of GDP, depending on if IEEPA tariffs are ruled illegal or not.
Debt projections have continued to rise beyond CBO’s January 2025 budget outlook, deepening a fiscal outlook that was already worrisome. Lawmakers should replace any lost tariff revenue and work to put the debt on a sustainable path, the Committee recommended. The longer they wait, the heavier the burden will be on future generations to restore fiscal stability, it noted.
Updated CBO projections show that tariffs enacted this year will reduce debt (including interest) by $3 trillion till fiscal 2034-35 (FY35), down from the $4 trillion projected in August, according to CRFB.
Excluding dynamic effects, CBO now projects $2.5 trillion of revenue as opposed to $3.3 trillion—with a third of the difference driven by announced policy changes and the other two-thirds due to updated estimates based on improved methods and the latest data.
Accounting for CBO’s updated tariff estimates, the Committee’s debt projections rise from 120 per cent of gross domestic product (GDP) in 2035 under the CRFB adjusted August 2025 baseline to 122 per cent of GDP.
The remaining one-third of the projections update was due to policy changes since August, such as the recent 10 percentage point reduction in tariffs on Chinese goods, product-specific tariffs on certain vehicles and vehicle parts and certain lumber and derivative products, reduced rates for goods from the European Union and Japan, and additional tariffs on India, CRFB noted.
If accounting only for policy changes, CBO’s updated estimates would have been roughly $3 trillion, down from $3.3 trillion and aligned with CRFB estimates.
If the Supreme Court upholds the ruling that IEEPA tariffs are illegal, then the primary deficit impact would likely drop to around $0.7 trillion, or roughly $0.9 trillion after interest, the Committee noted.
Fibre2Fashion News Desk (DS)
Exports of knitted and crocheted garments (HS Chapter **) fell *.* per cent to $*.*** billion from $**.*** billion a year earlier, as retailers trimmed replenishment volumes. Woven apparel and accessories (HS Chapter **) recorded a steeper fall of *.* per cent to $*.*** billion, compared with $*.*** billion in ****, reflecting weaker demand for higher-value fashion categories and formalwear.
December **** data signalled a slower contraction relative to the annual trend. Knitted and crocheted apparel exports rose *.* per cent year on year to $***.*** million from $***.*** million in December ****, supported by seasonal restocking. In contrast, non-knitted apparel declined *.* per cent to $***.*** million from $***.*** million. Combined shipments under HS ** and HS ** edged down *.** per cent to $*.*** billion.
Fashion demand in 2026 remains intact but more selective, with consumers spending cautiously and prioritising value, durability and versatility.
Intentional purchasing and promotion sensitivity are reshaping pricing dynamics and margin structures.
Polarised consumer behaviour is pushing brands to rebuild trust, justify full price and align sustainability with longevity.
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Directed and shot by Mert Alas, the new chapter sharpens the focus on denim as the ultimate expression of personal style through icon Jung Kook’s distinctive and influential point of view as he lives in the moment.
Calvin Klein, owned by PVH Corp., has unveiled its Spring 2026 denim campaign fronted by BTS icon Jung Kook.
Directed and photographed by Mert Alas, the cinematic film fuses music, movement and city energy, highlighting 90s Straight, Baggy and reworked Trucker silhouettes.
A special appearance by Rosie Perez amplifies the brand’s signature visual storytelling.
The campaign unfolds across a series of immersive worlds, unified and guided by Jung Kook’s style, attitude and way of living. The high-impact film fuses fashion and entertainment, moving to an instantly recognizable soundtrack and brought to life through the artist’s signature choreography and commanding presence. The interplay of music and movement – complete with a cameo from New York City legend Rosie Perez – captures the impact synonymous with Calvin Klein’s iconic visual storytelling.
Calvin Klein jeans are at the center of the wardrobe with hero silhouettes leading the narrative: the effortless attitude of the 90s Straight; the relaxed and nostalgic proportions of the Baggy; and new interpretations of the iconic Trucker jacket — all reimagined with elevated washes and designed for versatility. Casual logo tees and oversized bombers complete the looks, reinforcing denim as both uniform and statement.
“I love Calvin Klein jeans because they’re designed to be lived in,” said Jung Kook. “The looks I wore for this campaign nod to ‘90s style while feeling completely modern. It was exciting to bring together my love of music, dance and fashion against the energy of the city.”
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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