Find UFOs, The Apocalypse, New World Order, Political Analysis,
Alternative Health, Armageddon, Conspiracies, Prophecies,
Spirituality, Home Schooling, Home Mortgages and more, in:
Rumor Mill News Reading Room Archive
CHINA"ON THE LONG LINE"IMPOSES EXP.TARIFFS ON TEXTILES
Say, aren't they "nice"? This may tell us about WHO are the "real masters" behind the "Global invitation" of China...
China Imposes Export Tariffs on Textiles 05.20.2005, 06:03 AM
China on Friday announced new tariffs to rein in a surge in textile exports, a concession aimed at easing a clash with the United States and Europe over Chinese goods flooding into their markets.
The announcement came after the United States imposed quotas on imports of Chinese textiles, which have soared since a global quota system expired on Jan. 1. The European Union 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 June 1 on 74 categories of textile products, and could increase export tariffs for most goods by up to 400 percent, Xinhua said.
Xinhua didn't give any details, but said China now charges tariffs of 2 to 4 percent on 148 categories of textile and clothing exports. That would mean the new tariffs could range from 10 to 20 percent.
It wasn't immediately clear whether the taxes would satisfy the United States and the EU.
Charles M. Martin, president of the American Chamber of Commerce in Beijing, said his organization welcomed the move.
"They have taken the further step of broadening the categories and then making what appears to be a very meaningful percentage increase in the tax," Martin said. "I think this is going to have a real impact."
China imposed a 1.3 percent export tax on textiles in December in an effort to ease foreign fears of a surge in exports, but U.S. officials said that was too low to make a difference.
Sun said the changes could come at the expense of Chinese companies, which will have to "make sacrifices."...
Full article at:
"...China is a responsible country..." - yes, indeed, seems so - but respons-able to whom? "Sacrifices" for Chinese companies???? Yes, but watch out who will suffer from even bigger ones...
Now read this:
Greenspan: China Revaluation Won't Help
By JEANNINE AVERSA,
AP Economics Writer
Sat May 21,10:09 AM ET
WASHINGTON - America's bloated trade deficits probably wouldn't be helped by China revamping its currency system as the Bush administration has been pressing Beijing to do,
Federal Reserve Chairman Alan Greenspan said.
Greenspan's comments, during a question-and-answer session following a speech he delivered to the Economic Club of New York on Friday, come as the administration over the past week has increased pressure on China to change its currency and trade practices.
The United States' trade deficit ballooned to a record $617 billion last year, including a $162 billion deficit just with China, the highest ever with a single country.
A move by China to revalue its currency "does not follow that that will lower our overall trade balance," Greenspan said. "Indeed, it's probably quite unlikely."
That's because companies are likely to turn to other countries, such as Thailand or Malaysia for goods, rather than U.S. producers. "So essentially what we will find is we're importing from a different area, but we will be importing the same goods," Greenspan said.
For two years, the administration has been prodding China to stop linking its currency, the yuan, to the U.S. dollar, and instead move to a more flexible currency system.
But under pressure from Democratic and Republicans lawmakers in Congress, U.S. manufacturers and others, the administration has hardened its stance over the last week.
It announced new limits on the amount of clothing that China can ship to the United States. It threatened to brand China as a currency manipulator unless it changed its currency policies. And, the government appointed a special envoy to work with China on the these issues.
Greenspan said that at some point China will let the yuan rise against the U.S. dollar because its current system represents an increasing threat, including higher inflation, to the Chinese economy. In pushing for China to make a change, the administration has laid out a similar case.
"China's rigid currency regime has become highly distortionary," Treasury Secretary John Snow said earlier this week. "It poses risks to the health of the Chinese economy" by sowing the seeds for inflation and poses risks to the global economy at large, Snow said.
American manufacturers contend that China's system is hurting U.S. exports and contributing to job losses at U.S. factories. Manufacturers say the yuan is undervalued by as much as 40 percent. The weaker yuan makes Chinese goods cheaper in the United States and American products more expensive in China.
Letting the yuan move higher against the dollar would increase prices American shoppers pay for Chinese goods in the United States, Greenspan said. "The effect will be a rise in domestic price in the United States," he said....
Solution? Not in sight. Intention? Clear. For me this all seems that the "players" - Greenspan included - is simply pushing up ALL the stakes at bet - so "the higher the rise - the deeper the fall" will be. Games of Poker on the back of the normal people. Nothing new under the Sun of Tsu...
Destruction - economical style. Not partly - but "better" - completely.
Far Sight 3
Serving Freedom
and Liberty Worldwide since 1996
Politically Incorrect News
Stranger than Fiction
Usually True!
Serving Freedom
and Liberty
