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Textile mill output plunges 44.85%
18 Jan '08
3 min read
"While tax cuts and education are important, it also is critical to the health of the U.S. textile industry for the U.S. government to counter the aggressive subsidy schemes and illegal trade practices of China and other predatory exporters," Tantillo continued.
"Without specifically addressing the $428 billion annually disadvantage to U.S. producers and service providers caused by foreign value-added (VAT) taxes and rampant currency manipulation by China, among other problems, the playing field for U.S. manufacturers cannot be leveled," Tantillo stated.
To combat the VAT inequity, AMTAC encourages swift passage of H.R. 2600, the Border Tax Equity Act, introduced by U.S. Congressmen Bill Pascrell (D-NJ), Duncan Hunter (R-CA), Mike Michaud (D-ME), and Walter Jones (R-NC). This legislation would eliminate the estimated $428 billion disadvantage to U.S. producers and service providers caused by the imposition and rebating of foreign value-added (VAT) taxes.
To stop currency manipulation, AMTAC supports immediate passage of H.R. 2942, the Fair Currency Act of 2007, introduced by U.S. Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA). This bill would discourage currency manipulation by China and other countries by giving injured parties the right to seek a remedy under U.S. countervailing duty (CVD) law.
For the 12-month period ending in November 2007, U.S. textile and apparel imports by volume totaled 53.15 billion square metersequivalent (SME), up from 32.81 billion SME in 2001 according to the U.S. Commerce Department's Office of Textiles and Apparel (OTEXA). The 20.34 billion SME increase represents a 62 percent increase in U.S. imports.
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"Without specifically addressing the $428 billion annually disadvantage to U.S. producers and service providers caused by foreign value-added (VAT) taxes and rampant currency manipulation by China, among other problems, the playing field for U.S. manufacturers cannot be leveled," Tantillo stated.
To combat the VAT inequity, AMTAC encourages swift passage of H.R. 2600, the Border Tax Equity Act, introduced by U.S. Congressmen Bill Pascrell (D-NJ), Duncan Hunter (R-CA), Mike Michaud (D-ME), and Walter Jones (R-NC). This legislation would eliminate the estimated $428 billion disadvantage to U.S. producers and service providers caused by the imposition and rebating of foreign value-added (VAT) taxes.
To stop currency manipulation, AMTAC supports immediate passage of H.R. 2942, the Fair Currency Act of 2007, introduced by U.S. Congressmen Tim Ryan (D-OH) and Duncan Hunter (R-CA). This bill would discourage currency manipulation by China and other countries by giving injured parties the right to seek a remedy under U.S. countervailing duty (CVD) law.
For the 12-month period ending in November 2007, U.S. textile and apparel imports by volume totaled 53.15 billion square metersequivalent (SME), up from 32.81 billion SME in 2001 according to the U.S. Commerce Department's Office of Textiles and Apparel (OTEXA). The 20.34 billion SME increase represents a 62 percent increase in U.S. imports.
Click here to view more:
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