I don’t want to dismiss the fretting over Schmatta Black Wednesday, as a friend of mine referred to Liberation Day, the hard launch of Trump’s trade war. The tariffs that go into effect next week will cost most fashion brands a fortune—likely forcing entire supply chain reconfigurations, and driving down already sluggish sales. “Small and scaling brands cannot catch a break,” one longtime operator told me. “This completely challenges their operating income.” Said another, “The whole industry is in a melt.”