Bush Administration To Investigate Chinese Dumping Of Textile Products On American Markets
I doubt that Wal-Mart is happy today, because its Number One source for cheap clothing products will now be investigated by the Bush Administration for dumping textile products on the American marketplace in violation of WTO rules.
Knowing how much of our debt is in Chinese hands, we'll see how tough the Administration really is with China on this, or if the Administration throws the textile industry overboard to get something else out of China (North Korea, anyone?) But note that the Administration allowed a global quota system that regulated textile imports into the United States to expire at the end of last year, so the Chinese will claim that they are only taking advantage of a new playing field.
With the 2004 elections now a memory, we'll see who is more important to the Bush Administration, Wal-Mart or the textile industry.