China Attempts To Ease US and EU Concerns

China has placed new tariffs on its textile exports in an attempt to ease concerns of the United States, which has been increasing pressure on the country. The move comes after the United States set limits on its clothing imports from China. The European Union has also increased pressure on China. The U.S. Treasury elected a special envoy to China yesterday to further increase pressure. Textile exporters in China will now pay a tax of as much as 4 yuan (48 cents) for every item. This is five times higher than taxes were before. The taxes will be placed on 74 product types beginning June 1. Bloomberg News latest ebusiness news