Spratt bill aims for 27.5% tariffs on China textiles

Washington – U.S. Congressman John Spratt (D-SC) said that a bill he has introduced with Rep. Sue Myrick (R-NC) would “stem the rapid surge in textile imports from China.”

Last week, the Commerce Department reported that the U.S. trade deficit reached to $60.04 billion in May, the second highest level this year, the Congressman’s office said.

The January-to-May U.S. trade deficit with China totals $96.34 billion, up from $82.23 billion for the same time period last year — an increase of 17.2%. At its current pace, the U.S. trade deficit with China will exceed $270 billion in 2007, up from last year’s record of $232 billion, according to Spratt’s staff.

“One remedy is to stop China from undervaluing its currency,” said Spratt.  “This bill does that.”

Spratt said that China has maintained a devalued currency in order to gain a greater trade advantage. China’s currency is undervalued at between 15% and 40%, or an average 27.5%, said the Congressman’s team. The currency manipulation has aggravated the U.S. trade deficit and cost American jobs, Spratt said.

The bill, H.R. 1002, would levy tariffs of 27.5% on goods from China if the Chinese government does not allow its currency to float on the open market.

“The Carolinas have lost the highest percentage of manufacturing jobs in the nation,” said Spratt.  “If we do not level the playing field for our manufacturing firms when it comes to trade, we are going to lose more of the best jobs in our economy, plus the ability to make goods.”

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!