Political Quotes

“in 2001, World Trade Organization members accepted China into the organization only after negotiating the most complex accession agreement in WTO history. Under their accession agreement, China committed to adopting a market- and rules-based economy and special safeguards for the domestic industries of other WTO members that could be severely injured by surges of imports from China's non-market economy. China has yet to live up to their commitments. China's problems stem from a significant lack of intellectual property right enforcement, to the continued dumping and transshipping of textiles, to the subsidizing of their steel industry. China also manipulates their currency, the yuan, in order to gain an unfair competitive advantage. These unfair trade practices seriously jeopardize many United States industries, including the textile and steel industries. The textile industry has been hit particularly hard by unfair trade with China. Since 1997, more than 250 textile plants in the U.S. have closed. With quotas on textile and apparel set to be totally phased-out on January 1, 2005, it is not unrealistic to expect even more job losses and factory closings in the textile industry.”