MM Money

U.S. Quiet on China Trade Tax

Excerpt: China's promise to impose new taxes on some textile exports will do little to sway the administration as it debates whether to limit the expected flood of Chinese goods next year, trade groups on both sides of the argument said yesterday.

China's promise to impose new taxes on some textile exports will do little to sway the administration as it debates whether to limit the expected flood of Chinese goods next year, trade groups on both sides of the argument said yesterday.

The European Union, however, welcomed the Chinese announcement and reaffirmed that it would lift its textile quotas without limits.

"We're clear on this. We made our commitments back in 1994 and we will be delivering on those commitments," said Anthony Gooch, a spokesman for the European Union in Washington. "As of January 2005, we will be lifting those quotas."

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