China imposes export tariffs on textiles
AP, Beijing
China announced new tariffs on its surging textile exports yesterday in 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 US imposed limits on imports of Chinese clothes. The European Union also is pressing China to restrain the growth of its textile exports. It also followed the Treasury Department's announcement on Thursday that the US will dispatch a special envoy to China to pressure Beijing to change its currency and trade practices. The new Chinese charges take effect June 1 on 74 categories of textiles, and could increase export tariffs for most goods by up to 400 percent, said the official Xinhua News Agency.
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