US/China Textile Trade Deficit Hits New High
[2008-4-3]
As the US government announced the textile and apparel trade deficit with China reached a new record high of $31.8 billion in 2007, textile industry lobbyists and their friends in Congress launched a renewed effort to enact legislation designed to help offset China’s trade advantage stemming from its undervalued currency. At a news conference on Capitol Hill, members of Congress and representatives of some 25 trade associations, the American Federation of Labor and Congress of Industrial Organizations, and the China Currency Coalition sounded an alarm and called for passage of legislation sponsored by Reps. Duncan Hunter, R-Calif., and Tim Ryan, D-Ohio, that would discourage currency manipulation by China and other countries that undervalue their currencies. The legislation would permit injured parties to seek remedies under US countervailing duty laws.
Claiming that the trade data are “further evidence that this problem is getting worse, not better,” Ryan said: “Our economy is at risk of recessing, we continue to lose manufacturing jobs and need to have the courage to do something about it.” He said the coalition backing his legislation is the broadest he has seen, as it includes Democrats and Republicans, manufacturers and labor, and representatives from throughout the nation. “They have come together to support common sense legislation which will only ask China to live up to the standards it agreed to when it joined the World Trade Organization,” he said.
Calling for quick passage of the Hunter-Ryan Currency Reform and Fair Trade Act of 2007, Cass Johnson, president, National Council of Textile Organizations, said: “When foreign governments play dirty to gain a competitive advantage, our government should respond, and at the very least, provide US companies with adequate tools to defend themselves.” He said action on the currency issue is particularly important in view of the fact that all import quotas on Chinese textiles and apparel are due to be removed at the end of this year.
Claiming that the trade data are “further evidence that this problem is getting worse, not better,” Ryan said: “Our economy is at risk of recessing, we continue to lose manufacturing jobs and need to have the courage to do something about it.” He said the coalition backing his legislation is the broadest he has seen, as it includes Democrats and Republicans, manufacturers and labor, and representatives from throughout the nation. “They have come together to support common sense legislation which will only ask China to live up to the standards it agreed to when it joined the World Trade Organization,” he said.
Calling for quick passage of the Hunter-Ryan Currency Reform and Fair Trade Act of 2007, Cass Johnson, president, National Council of Textile Organizations, said: “When foreign governments play dirty to gain a competitive advantage, our government should respond, and at the very least, provide US companies with adequate tools to defend themselves.” He said action on the currency issue is particularly important in view of the fact that all import quotas on Chinese textiles and apparel are due to be removed at the end of this year.
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