U.S. to Weigh Curb on Imported Chinese Pants
The Bush administration agreed to consider a request from a domestic textile and apparel industry coalition to curb imports of cotton pants from China because they pose a threat to U.S. manufacturers. The domestic industry fears China will take over the U.S. market after global quotas are phased out at the end of 2004.
The Committee for the Implementation of Textile Agreements, an interagency group of the U.S. government, has 90 days to solicit public input and rule on the petition. If it is upheld and no agreement is negotiated with China, the U.S. can limit imports of the targeted goods to 7.5% above the previous year’s imports. The domestic industry has also filed six more requests for safeguards on popular goods from China.
* The cost of funds index for savings institutions in the Federal Home Loan Bank’s 11th District edged up in September to 1.931% from 1.875% in August. The index is a popular benchmark for adjustable-rate mortgages on the West Coast and tends to lag behind changes in market interest rates by several months.