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.

Gildan and HanesBrand announced a merger agreement with a focus to strengthen its business in basic apparel on Wednesday.

Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform. The companies put the transaction’s valued at about $4.