Interviews
Industry takes aim at China in 2008, NCTO
16 Feb '08
3 min read
In its 2007 year-end textile trade and economic review, the National Council of Textile Organizations (NCTO) cited the Commerce Department's decision to overturn a 20-year precedent and allow companies to file subsidy cases against China as one of the most significant events for all U.S. manufacturers in 2007.
This decision is important because at the end of 2008, the current U.S.-China textile agreement expires and the industry will be seeking new restraints to prevent a devastating flood of subsidized textile and apparel products from China in 2009.
Other events of significance to the industry in 2007 include the implementation of the Vietnam monitoring program and the passage of China currency legislation by two major Senate committees.
NCTO Chairman Harding Stowe commented, “2007 was a transitional year for the U.S. textile industry. As imports from China continued to surge and DR-CAFTA entered into force for all the major textile and apparel producing countries, the industry worked to secure trade opportunities in this hemisphere as one part of a strategy for remaining competitive against China. We also began looking ahead to 2008 and preparing for the expiration of the U.S.-China textile agreement.
Let's take a look at the hard facts of our trade relationship with China. In 2007, the U.S. trade deficit with China was $256.2 billion, up 10 percent compared to 2006. With respect to textiles and apparel, the U.S. trade deficit with China grew from $26.6 billion in 2006 to almost $31.8 billion in 2007.
This decision is important because at the end of 2008, the current U.S.-China textile agreement expires and the industry will be seeking new restraints to prevent a devastating flood of subsidized textile and apparel products from China in 2009.
Other events of significance to the industry in 2007 include the implementation of the Vietnam monitoring program and the passage of China currency legislation by two major Senate committees.
NCTO Chairman Harding Stowe commented, “2007 was a transitional year for the U.S. textile industry. As imports from China continued to surge and DR-CAFTA entered into force for all the major textile and apparel producing countries, the industry worked to secure trade opportunities in this hemisphere as one part of a strategy for remaining competitive against China. We also began looking ahead to 2008 and preparing for the expiration of the U.S.-China textile agreement.
Let's take a look at the hard facts of our trade relationship with China. In 2007, the U.S. trade deficit with China was $256.2 billion, up 10 percent compared to 2006. With respect to textiles and apparel, the U.S. trade deficit with China grew from $26.6 billion in 2006 to almost $31.8 billion in 2007.
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