|Chinese Textiles Still in Dispute|
Quotas, Trade, and Blockade
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Reference ID: A135777212
Chinese clothing exports to the United States and Europe soared in 2005 after a longstanding quota system was abolished on January 1, 2005. In June, 2005, Beijing agreed to a new set of quotas set by the European Union. As opposed to a tariff, which places taxes on imported goods, an import quota specifies the maximum amount of goods (in this case, Chinese textiles) that can be imported into another market (in this case, the European Union.)
|Source||Reuters, “Europeans Remain at Odds on Chinese Textile Quotas”, The New York Times Online, September 3, 2005.|
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