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May 20, 2005

China tariffs textile exports

China is increasing export tariffs by up to 400%, on 74 textile product categories, addressing US and EU concerns over a substantial increase in Chinese textile exports, since a global quota system ended in January. The tariff increases will be implemented in June, according to a quote from the country's finance minister released by the official Xinhua news agency.

Exports of some Chinese clothing items to Europe have increased by over 500% since the Multi Fibre Agreement expired, while the US textile industry has lost more than 16,000 jobs in 2005.

At a news conference in Brussels, Francoise Le Bail, a European Commission spokeswoman, said that the aim was to reach a negotiated solution with China and that the EU would check the details with Chinese officials. China's textile negotiator will meet EU Trade Commissioner Peter Mandelson, in Brussels, next week.

China had previously said that it was unwilling to reduce textile exports - Chinese Commerce Minister Bo Xilai said that China was acting within World Trade Organization rules, and that the EU and US had not taken the opportunity to increase their textile quotas in stages, so their markets had become flooded once the quota system expired.

The US is placing pressure on China to reform the yuan, which has a fixed rate of exchange against the dollar. Later this year, it will vote on a bill to impose a 27.5% tariff on all Chinese imports to the US unless China removes the fixed rate of exchange within six months.

Posted by at May 20, 2005 10:52 PM

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