[Balog]

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20031118/bs_nm/trade_china_textiles_dc

[Waitone]

Right now there exists import quotas on textiles coming into the US from China. January 1, 2005 all quotas will immediately drop to zero. At that point there will be no protection afforded by the US government. That gives the American textile industry 1 year and 6 weeks to make preparations. It is estimated US-wide upwards of 75,000 jobs will be lost. One company in particular will immediately close 80+ manufacturing facilities.

The new textile quota would put a cap on only 4.67 percent of total Chinese textile and apparel exports to the United States in dollar terms, according to U.S. industry figures. We are talking a major economic catastrophe and the Bush administration is talking about 4.67 percent of the total take.

Then again the announcement had its intended effect. Give the impression Bush is fighting the horde while in reality doing nothing.

It ain't free and it ain't trade. It is government managed preferrential access to US markets in reward for or support of US foreign policy objectives.

[Coronach]

And, it is also OT.

Coronach