U.S. Takes Step Towards Imposing Quotas on Socks from China
The U.S. Committee for the Implementation of Textile Agreements ("CITA") has determined that the sock industry has been and continues to be "disrupted" as a result of imports of cotton, man-made fiber and wool socks from the People's Rebublic of China. Since 2001, sock imports from China have increased dramatically (from 985,619 pair in 2001 to 42,491,164 pair in 2004) and reduced U.S. producers' market share.
CITA has announced that it will seek consultations with China and, at the time of the request, impose quotas on imports of cotton, man-made fiber, and wool socks from China. The quotas will limit the growth of Chinese sock imports to 6% for wool socks and 7.5% for cotton and man-made fiber socks.
The consultations will be held within thirty days of the United States' request and should be concluded within ninety days. If the parties do not reach a mutually satisfactory agreement, the U.S. will maintain the quotas for a period of one-year from the date of the consultation requests.
|posted by Phillip Blackmon| Permalink 
