U.S. Extends Textile Agreement With China
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The United States will extend its trade agreement with China on textiles and apparel until Jan. 31 because of progress in negotiations. The agreement was set to expire Dec. 31. But the latest round of talks, held in San Francisco last week, resulted in a general understanding of what should be included in the new pact, the office of the U.S. Trade Representative said. The next round of negotiations is planned for late January in Beijing. The 1994 agreement sets quotas for China’s exports to the United States. U.S. officials in September hit China with a $19-million penalty for illegally shipping garments through other countries to skirt the quotas. China announced a retaliatory ban on imports of U.S. fruit, beverages and other goods, but later said it would delay it.
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