The proximate cause of so much hooey was the end of global textile and apparel quotas Jan. 1. In a rational world the results wouldn’t have surprised anyone. The elimination of quotas had been scheduled years in advance. The productivity of Chinese factories was not exactly a secret, and the deals for importing Chinese textiles under the new regime had been cut months earlier. Nonetheless, the entire Western world seemed astonished when ships actually unloaded the goods.
See also “U.S. invokes safeguards on China textiles” from the Charlotte Observer and “US restrictions on Chinese textile “not good” for trade ties” from Xinhua.
