Home / Knowledge / News / President Hu Jintao's Washington visit to solve trade crisis
President Hu Jintao's Washington visit to solve trade crisis
14
Apr '06
Hu Jintao - Chienese President
Hu Jintao - Chienese President
American Manufacturing Trade Action Coalition (AMTAC) said Chinese President Hu Jintao is scheduled to travel to Washington, DC on April 20 to discuss US-China relations.

His visit highlights the crisis in US trade policy in general, and with China in particular.

Last year, the US trade deficit was a staggering $725.8 billion, with China alone responsible for $202 billion in red ink.

This year, while the US trade deficit with China fell in February, AMTAC expects it to rise again for 2006. Meanwhile, 2,885,000 U.S. manufacturing jobs have disappeared since January 2001.

"President Hu's visit highlights the fact that US trade policy is in crisis. The United States ran a record trade deficit in 2005 and China contributed the largest share of the damage."

"This trade deficit is unsustainable and must be staunched in short order," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.

"China is the lightning rod for much of what is wrong with US trade policy. China manipulates its currency, doles out billions in non-performing loans from state banks, runs roughshod over intellectual property rights, and hands out subsidy after subsidy all with the intent of driving out of business US companies forced to play by free-market rules, yet the US government seemingly is powerless to act," Tantillo continued.

"It is time for the US government to stop coddling China. In the arena of international trade, China is a full-fledged superpower."

Must ReadView All

Textiles | On 28th Apr 2017

Fix 5% GST rate for textile goods: Textile bodies

Uniform levy of 5 per cent Goods and Services Tax (GST) on all...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Courtesy: Williamsburg Garment Company

Fashion | On 28th Apr 2017

'We have grown by staying small & maximising efforts'

The easiest way to go out of business is to be too big or expand too...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X