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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1537)	11/18/2003 11:31:33 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

HoHoHo--China cotton group urges retaliation against US quotas Reuters, 11.18.03, 10:13 PM ET BEIJING, Nov 19 (Reuters) - China should retaliate against U.S. moves to slap new import quotas on Chinese clothing, a move driven more by politics than the norms of free trade, the head of a Chinese business association said on Wednesday. "I think we should react somehow and call on the government to do something," Shi Jianwei, executive vice president of the China Cotton Association, told Reuters. "This will reduce our exports. There's no doubt that the government will react," said Shi, who is also director of China's Cotton and Jute Bureau. Next year's presidential elections in the United States appeared to be the main motivation behind Tuesday's announcement, he added. U.S. manufacturers have accused China of pumping up its trade surplus with the United States by keeping its yuan currency unfairly low, leading to job losses in U.S. factories. The Bush administration said on Tuesday it would impose new import quotas on Chinese clothing, opening a new line of attack against Beijing's trade policies. The American textile industry praised the decision to impose quotas on knit fabrics, brassieres and dressing gowns. But it said this should merely be a first step towards putting a lid on virtually all of China's textile imports, either through negotiation with Beijing or by Bush administration decree. An International Monetary Fund senior adviser for Asia, Steven Dunaway, called the quotas "a big risk in the current environment" and one that could prompt Chinese retaliation. ($1 = 8.276 yuan) Copyright 2003, Reuters News Service forbes.com