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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (1557)11/19/2003 8:47:43 AM
From: RealMuLan  Read Replies (1) of 6370
 
China cancels U.S. trade trips

Country scraps trips to buy farm goods, soybeans after Bush administration puts quotas on textiles.
November 19, 2003: 7:52 AM EST


BEIJING (Reuters) - China denounced a move by the United States to cap selected textile imports Wednesday and scrapped missions to buy American farm goods, saying the U.S. measure sullied the spirit of free trade.

Government officials postponed indefinitely a plan to send a delegation to buy U.S. cotton and wheat, an industry source in Hong Kong told Reuters, news that followed cancellation of a separate trip to buy soybeans.

The cancellations were blamed on visa and logistical problems but raised fears they were retaliation for the U.S. quotas on imports of some Chinese textiles.

The Bush administration said Tuesday it would slap import quotas on Chinese knit fabrics, bras and robes, signaling a new line of attack against the world's fifth-largest trading nation. Some U.S. officials have blamed job losses on the rapid rise of Chinese textile imports.

"The Chinese government expresses deep regret and firmly opposes this decision," Commerce Ministry spokesman Chong Quan said in a statement.

It "runs against WTO principles on free trade, transparency and non-discrimination," Chong said, adding that China may take the dispute to the World Trade Organization.

The U.S. measure concerns less than 5 percent of China's textile exports to the United States and won't take effect for three months.


money.cnn.com
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