What happened to the price of U.S. clothing and U.S. clothing production as a result of the expiration of the Multifibre Arrangement in 2005?

Question

Quizplus · Accepted Answer

The expiration of the Multifibre Arrangement in 2005 led to the removal of quotas on textile and clothing exports from developing countries to developed countries, which increased competition and lowered prices. Consequently, the price of clothing in the United States fell, but this also made it harder for U.S. clothing manufacturers to compete, leading to a decline in U.S. clothing production.

What Happened to the Price of U