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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (1501)11/18/2003 6:44:51 PM
From: RealMuLan  Read Replies (1) of 6370
 
U.S. Raises Trade Tensions With China
By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP)--The Bush administration increased trade tensions with China on Tuesday by announcing it will limit clothing imports to protect struggling U.S. companies, even as it searched for a compromise to end a bitter trade dispute with Europe over steel.

Commerce Secretary Don Evans said the administration was granting an industry request to impose quotas on Chinese imports of knit fabric, dressing gowns and robes and bras in an action that Evans said ``demonstrates our commitment to our trade rules and America's workers.''

The action was the latest response by the administration to America's soaring trade deficit with China, which hit a record $103 billion last year, and which American manufacturers believe is largely to blame for the hemorrhaging of U.S. factory jobs over the past three years.

``Clearly, the enormous surges we have seen in Chinese imports in these categories, and the damage they have caused to our industry, workers and communities warranted such action,'' said Cass Johnson, head of the American Textile Manufacturers Institute.

Critics warned that the decision would drive up the cost of clothing in American stores. Trade expert Gary Hufbauer of the Institute for International Economics said protections already in place for textile and apparel companies cost the typical American family $400 in higher clothing costs annually.
springfieldnewssun.com!594915436?urac=n&urvf=10691990418280.5365131820151142
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