CNN.com - Bush urges China move on yuan - Nov 9, 2005
CNN.com - Bush urges China move on yuan - Nov 9, 2005U.S., China reach trade spat deal
LONDON, England (Reuters) -- The United States and China have reached agreement on reining in China's booming clothing and textile shipments to the United States until 2008.
U.S. Trade Representative Rob Portman and Chinese Commerce Minister Bo Xilai announced the deal at a joint news conference in London on Tuesday and hailed it as a success for both sides.
"I believe the textile agreement shows our ability to resolve tough trade disputes in a manner that benefits both countries," Portman said.
Bo described the outcome as a "win-win result", though he later said the agreement was "a far cry" from Beijing's original expectations.
The accord was reached after seven rounds of negotiations, at some of which Bo said the two sides had been "almost at the edge of a cliff".
The deal covers more than 30 individual products and contains quotas that a U.S. statement said would begin at low levels.
An unnamed U.S. official said the accord would allow hundreds of thousands of Chinese garments piled up in U.S. ports to be sold.
The deal is intended to smooth over a rough spot in the U.S.-China trade relationship before President George Bush visits Beijing in the middle of this month.
China's exports of clothing and textile products to the United States jumped more than 50 percent in the first eight months of 2005 to nearly $17.7 billion following the end of a global quota system on January 1.
That prompted U.S. textile producers to seek protection under a "safeguard" provision of China's 2001 entry into the World Trade Organisation. The measure allows WTO members to restrict the growth in imports from China to 7.5 percent annually when there is a market-disrupting surge.
The Bush administration has imposed safeguard curbs on billions of dollars' worth of Chinese clothing imports this year. But because the curbs have to be renewed annually, textile groups have pushed for a comprehensive agreement that would limit imports until 2008 when the safeguard provision expires.
Copyright 2005 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/08/us.china.textile.reut/index.html
LONDON, England (Reuters) -- The United States and China have reached agreement on reining in China's booming clothing and textile shipments to the United States until 2008.
U.S. Trade Representative Rob Portman and Chinese Commerce Minister Bo Xilai announced the deal at a joint news conference in London on Tuesday and hailed it as a success for both sides.
"I believe the textile agreement shows our ability to resolve tough trade disputes in a manner that benefits both countries," Portman said.
Bo described the outcome as a "win-win result", though he later said the agreement was "a far cry" from Beijing's original expectations.
The accord was reached after seven rounds of negotiations, at some of which Bo said the two sides had been "almost at the edge of a cliff".
The deal covers more than 30 individual products and contains quotas that a U.S. statement said would begin at low levels.
An unnamed U.S. official said the accord would allow hundreds of thousands of Chinese garments piled up in U.S. ports to be sold.
The deal is intended to smooth over a rough spot in the U.S.-China trade relationship before President George Bush visits Beijing in the middle of this month.
China's exports of clothing and textile products to the United States jumped more than 50 percent in the first eight months of 2005 to nearly $17.7 billion following the end of a global quota system on January 1.
That prompted U.S. textile producers to seek protection under a "safeguard" provision of China's 2001 entry into the World Trade Organisation. The measure allows WTO members to restrict the growth in imports from China to 7.5 percent annually when there is a market-disrupting surge.
The Bush administration has imposed safeguard curbs on billions of dollars' worth of Chinese clothing imports this year. But because the curbs have to be renewed annually, textile groups have pushed for a comprehensive agreement that would limit imports until 2008 when the safeguard provision expires.
Copyright 2005 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
Find this article at:
http://edition.cnn.com/2005/BUSINESS/11/08/us.china.textile.reut/index.html
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