A deal defining the terms of the US-China textile trade for the next three years has finally been signed. The agreement allows both sides to claim victory, but when the numbers are examined, the concessions China gained are less substantial than they appear, while any pain felt in the US will conveniently be delayed until after the 2008 election.
At the official press conference in London announcing the agreement, US Trade Representative Rob Portman said: “This textile agreement is an example of how the US and China have the ability to resolve tough trade disputes that benefit both countries.” Chinese Commerce Minister Bo Xilai commented that US “flexibility” in negotiation had contributed to the successful conclusion. “This textile issue between China and the United States has been [very] difficult over the past few years,” he said, adding, “We do not expect that this single achievement can help solve all the conflicts between us. Read More>>