price.
This "imported" ballcap goes for $30 at Rally House.
https://www.rallyhouse.com/47-Kansas-Jayhawks-1912-Clean-Up-Adjustable-Hat-Blue-4804898?gad_source=1&gclid=Cj0KCQjw2N2_BhCAARIsAK4pEkXyQetPYP0CyfDV71DtjLqTI7d4jqitfCpA06w7mgI9TV66RI9QRwgaAuwfEALw_wcB&variant_id=3369681
I am betting it's manufacturing cost is less than $2.00. Add to that the NCAA licensing cost.
So if China is paying a 124% tariff that brings the cost up to $5.60.
To get an idea on the markup in clothing, look at the discount/clearance prices at stores like Nordtrom/Nordstrom Rack/Marshall's. They might be selling something for a deep discount at 75% off retail and they are still covering the cost of that item.
China can suck it.