AMTAC wants review of China trade policy
By Staff -- Home Textiles Today, 1/13/2006 11:16:00 AM
WASHINGTON – The American Manufacturing Trade Action Coalition has called for the United States to reassessment its trade policy with China, after new trade figures released by the government yesterday showed that the U.S. trade deficit with China likely will exceed $200 billion in 2005.
AMTAC called on the U.S. Congress to pass S. 295, the Schumer-Graham legislation to penalize China if it refuses to float its currency. Second, the organization believes the U.S. should not allow China to claim developing country status in the ongoing World Trade Organization Doha Round negotiations.
According to the latest U.S. government figures, the U.S. trade deficit with China was $185 billion from January to November of 2005. When the numbers for December come in next month, the total trade deficit with China is expected to rise to the $203 to $205 billion range.
"China is now one of the world's five largest economies. It is a developed, albeit non-market, economy that runs a massive trade surplus with the United States, manipulates its currency, subsidizes its banking and industrial sector, and misreports its economic numbers," stated AMTAC Executive Director Auggie Tantillo.
"It is long past time for U.S. policymakers to recognize that China is a superpower in terms of international trade. The United States can no longer allow China to use predatory trade practices to destroy U.S. jobs and factories," stressed Tantillo.
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