Saturday, October 23, 2004

Socks in the news

No, not the Boston Red Sox, but rather socks. Like, what you wear on your feet. Think I'm kidding? Read this.

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!!

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