Ending a trade tiff on textiles
Though low-cost Chinese textile exports command less than 1% of the $100 billion U.S. market, they have grown at an average rate of 70% annually for the past three years. Among foreign textile suppliers to the U.S., China now trails only Taiwan, Hong Kong and South Korea. Prodded by the U.S. Government, the top three agreed to set a limit of 1.5% to 2% on the growth of their exports this year. The U.S. was willing to allow the Chinese an increase of slightly more than 2%, but Peking demanded 6%. When negotiations collapsed in...
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