EU Moving Against Chinese Textile Exports

From Bloomberg.

"European Union Trade Commissioner Peter Mandelson will ask regulators to start a probe on imports of Chinese clothing, a first step toward imposing quotas to staunch the flow of products, his spokeswoman said."

"EU's Mandelson Will Ask for Probe on Chinese Textiles" 22 April 2005

A similar campaign is afoot in the USA. The Senate passed a bill handing China an ultimatum. The Chinese central bank intervenes in the foreign exchange market by buying US dollars at an artificially high price. US critics charge that this policy amounts to an illicit subsidy of Chinese exports at the expense of American manufacturers and distributors.

The Senate bill declares that China shall cease this practice within six months or Chinese exports will become subject to a 27.5% tariff surcharge.

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