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USA:American shoppers to pay as Chinese textiles
imports face cuts, LDC hopes soar |
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2005-5-23
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Who would know better when asked how American shoppers will fare as Chinese textiles exports have been put under rein due to market disruptive trend?
It is none other than the new Chinese Ambassador to the US, Zhou Wenzhong who said that the White House must stop whining and listen to the will of shoppers instead of the crying hoarse at US textile makers.
Stating that the US had 10 years to prepare for the situation that it is making of its own, at present, he said, "Now four months after the beginning of liberalization, you went back to the old days." The "old days," he referred to was the period that the White House and Congress utilized in attempting to slow a surging Chinese textiles imports.
All was well when Americans went for discounted Chinese shirts, knitwears, trousers, underwears, and other appparels and textiles at their retail stores. Same was the case for bedlinen, accessories, fabrics and yarns.
The first quarter this year, saw Chinese exports to US soaring by 1500 percent in certain categories spurring US makers to call for capping textile imports from China.
Two actions that were sanctioned that put cap on textiles from China by Bush Administration found favor in the apparel and textile makers but retailers stood to lose in the game plan.
Their contention was that American shoppers would have to pay more as domestic makers lose against high wages and cost of manufacturing. Already thousands of job losses have been reported across the country, and many on the verge of closure.
Meanwhile, China which has been accused of currency manipulation of Yuan, received mixed signal from Federal Reserve Chairman Alan Greenspan who was skeptical about re-valuation of the Yuan which may significantly shrink the US trade deficit, saying that it might simply lead to textiles and other goods being imported from countries other than China.
Now this gives rise to renewing or probably restarting sourcing from least developed countries (LDC) that have almost collapsed facing economic disaster, currently. |
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