The U.S. has stepped up trade pressure on China, announcing a new range of restrictions on Chinese-made clothing and &to=http:// english.pravda.ru/economics/ ' target=_blank>textile imports -- the second such move within a week.
The limits come a day after the U.S. Treasury pointedly called for &to=http:// english.pravda.ru/columnists/2002/11/26/39994.html ' target=_blank>Beijing to allow a revaluing upwards of its currency, the yuan, which the U.S. says is giving an unfair advantage to Chinese manufacturers.
Chinese clothing imports, including man-made fiber shirts and blouses, will now be subject to quota limits, according to a U.S. Commerce Department release.
Last Friday the department put quotas on cotton trousers and knit-shirts and a range of underwear, reports CNN News.
U.S. Treasury Secretary &to=http:// english.pravda.ru/mailbox/22/101/399/15397_debt.html ' target=_blank>John Snow said he held off labeling China as a currency manipulator yesterday to keep at bay the "furies" of Congress. Snow said he expected China to move toward a more flexible exchange rate within a "few months."
Snow is trying to calm rising political pressure to punish China for what some U.S. lawmakers and manufacturers say are unfair economic policies that have led to a record trade deficit and the loss of 1.1 million manufacturing jobs over the past three years.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969