The Bush administration is setting new limits on textile imports from China, causing trade tensions to rise even more between China and the United States. "The globalization of the textile trade is a right we have gained since China joined the WTO, and China will not impose curbs on its textile products," said Chinese Commerce Minister, Bo Xilai. This is the second time in the last five days that the U.S. government has put quotas on Chinese imports, saying that they are hurting U.S. companies. The Bush Administration's actions earned praise from the American Manufacturing Trade Action Coalition. "Failure to act would have cost tens of thousands of U.S. jobs," stated the group's executive director, Auggie Tantillo. China and the U.S. are also bickering about China revaluing its currency. The U.S. gave China a six-month deadline to do so, but China rejected it and told the U.S. to worry about its internal problems first. Chris is a staff writer for latest ebusiness news
Bush Sets New Limits On Chinese Imports
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