Tension over trade between China and the European Union and United States continues to grow as China says that it will take no further steps to slow its textile exports.
The European Union and United States have both been losing patience with China as textiles from the country have flooded both European and American markets since the end of quotas in January.
China has dominated the textile industry since these quotas ended leaving all of these other countries hurting because they can’t afford to compete with China’s prices.
Last week, China said that it would raise tariffs on 74 categories of textile exports in an effort to ease concern from the European Union and United States, but neither were satisfied with this move.
“This has found broad support among an overwhelming majority of our member states,” said EU trade chief Peter Mandelson regarding the proposed talks. “I want to find a mutually satisfactory agreement with the Chinese authorities.” Mandelson is meeting China’s textile negotiator, Gao Hucheng today in Brussels.
China has already said that tariffs wouldn’t be put on any goods that are subject to import curbs. “Chinese products that are subject to export restrictions in the future will be removed from the export tariff list,” said Ministry of Commerce spokesman Chong Quan.
There has also been a lot of tension between China and the United States over China’s currency. The U.S. recently gave a China a six-month deadline to make the currency more flexible, but China said that it could not do so in a set timeframe.
Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.
