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Tuesday, November 08, 2005 

US-China Sign Textile Deal (And Ignore Currency Debate)

LONDON (AP) - The U.S. and China signed a deal Tuesday limiting imports of Chinese clothing and textile products into the United States, ending three months of negotiations over the thorny issue. […] "I believe this textile agreement is an example of how the United States and China do have the ability to resolve tough trade disputes in a manner that benefits both countries," he said.

And not reported: China still will not re-value the Yuan, upping its value closer to the dollar. Very “Win-Win” wouldn’t you say? Washington can appease the textile industry and secure support, while they don’t actually have to anger China or fix the current trade deficit we have with them.