Count Gildan Activewear Inc.’s cash and stock deal to buy HanesBrands Inc. as a $2.2 billion ripple in the fashion industry hinting at waters that are roiling just under the surface. Even though the fashion industry’s bigwigs have gone to great pains to project calm in the midst of President Donald Trump’s trade war — the reality of 35 percent tariffs from many markets can only be “mitigated” away for so long.

We are extremely pleased to welcome the HanesBrands’ team to the Gildan family,” commented Glenn J. Chamandy, President and Chief Executive Officer of Gildan. “With this transaction, our revenues will double and we achieve a scale that distinctly sets us apart.