Signaling that it plans to get tough with China, the Bush administration said Friday that it would curb imports of socks from that Asian nation because they posed a "significant" threat to the U.S. sock industry.
James Jochum, assistant secretary of commerce, said a 4,200% surge in imports from China of wool, synthetic-fiber and cotton socks over the last three years threatened U.S. makers, contributing to a 15% decrease in their production and employment. Over that time, the average wholesale price of Chinese-made socks dropped by more than half to $5.11 from $11.54, he said.
"This administration, when it is presented with a strong factual case, will not hesitate to enforce our trade laws," Jochum said.
Do not mess with the U.S. sock industry!!