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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 181.30

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To: Craig Schilling who wrote ()	4/2/2000 4:44:00 PM
From: Ruffian	Read Replies (2) of 152472

White House sees Congress backing China trade deal WASHINGTON, April 2 (Reuters) - White House Chief of Staff John Podesta on Sunday said he believes Congress will back President Bill Clinton on normalizing trade relations with Beijing as part of a deal to bring China into the World Trade Organization (WTO). In an interview with CBS' ``Face the Nation,' Podesta said Clinton was rounding up votes in Congress for granting China permanent Normal Trade Relations (NTR) status, even though a number of his own Democrats have said they will not back him on the issue. ``I think we're making progress and I think we'll have the votes in Congress,' Podesta said. ``People are now turning to really what the merits of this are on an economic basis,' he added. ``We're opening the Chinese market to American products, services... . They already have access to our market. I think on national security grounds we have a very strong case and I think we're building support.' The U.S. House of Representatives could vote on a proposal to grant permanent NTR to China as early as May. Currently China's trade status is subject to annual renewal, but Clinton wants to grant permanent NTR as part of a deal that would bring China into the Geneva-based WTO, which sets the rules for global trade. The coveted NTR trade status gives China the same low-tariff access to U.S. markets as nearly every other country. Support in the U.S. Senate is virtually assured, but permanent NTR faces stiff opposition in the House from Democrats closely tied to organized labor. They have demanded that China improve its human rights record before it joins the WTO. Some conservative Republicans also oppose normalizing trade with China because of Beijing's human rights record. Related News Categories: US Market News

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