Associated Press

Beijing, May 20:

China today announced new tariffs to rein in a surge in textile exports, a concession aimed at easing a clash with the US and Europe over Chinese goods flooding into their markets. The announcement came after the US imposed quotas on imports of Chinese textiles, which have soared since a global quota system expired on January 1. The EU also is pressing China to restrain the growth of its textile exports. “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,” Sun Huaibin, a spokesman for the government-affiliated China Textile Industry Council, was quoted as saying by the official Xinhua News Agency. The new Chinese charges take effect from June 1 on 74 categories of textile products, and could increase export tariffs for most goods by up to 400 per cent, Xinhua reported without giving any details.

US pressure risky

WASHINGTON: While the US continues to put pressure on China to float its currency, some in Washington are suggesting further flexing of political muscle will only cause strain to a vital trading relationship. The US has imposed four quotas on the Chinese textile industry hoping that restrictions on China’s textile industry would push Beijing to loosen its decade-old yuan peg of 8.28 to the greenback. — HNS