China Places New Taxes on Textile Exports

China is placing new taxes on many textile exports in an effort to ease some of the country's trade tension with the United States, which has been increasing pressure on the country. The United States recently set limits on its clothing imports from China. The European Union has also taken similar action. The U.S. Treasury elected a special envoy to China yesterday to further increase pressure. Textile exporters in China will now pay duties of as much as 4 yuan (48 cents) for each item. This is five times higher than they were previously. The tariffs will be placed on 74 product types beginning June 1. AP "China is a responsible country, and it is for the purpose of helping establish a new world textile trade order and ease the trade friction that the government made the concession," said China Textile Industry Council spokesman Sun Huaibin. The other day, the U.S. treasury gave China a six-month deadline to revalue its currency. China rejected this and said that it could not achieve this in a fixed timeframe. Chris is a staff writer for latest ebusiness news