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USA:Curb on Chinese clothing & textiles imports may cost US dearly |
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2005-8-17
If US pursues its policy to the end in curbing Chineses textile imports, then it is feared that American citizens would end up paying for more. Currently, the US and China are negotiating for an amicable settlement of the critical trade issues that have restricted coming in of Chinese textiles and apparels over the last month or so. If the US has its way and the Bush administration settles for what it has been seeking to the end, then clothing in America will be costly. Although prices have been continually falling over the lat one year after the ending of textile quotas, the fact that several textile categories have been kept under wrap may raise domestic demand for those clothings. On the other hand, American textile and clothing producers have accused cheap Chinese imports harming their businesses and costing almost 26 thousand jobs.
Trade deficit with China is another area of concern for the Congress, which reached $162 billion last year, and is currently running 32 percent above that rate.
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