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AP. 27 December 2001. Bush Grants China Trade Status. CRAWFORD, Texas -- President Bush on Thursday granted permanent normal trade status to China, calling it "a final step in normalizing U.S.-China trade relations." Bush also terminated the 1974 Jackson-Vanik law that withholds normal trade relations with communist states that restrict emigration. More recently, Jackson-Vanik has been at the center of annual debates over the human rights records of China and Vietnam, with lawmakers challenging presidential waivers of Jackson-Vanik made to promote trade. The new trade status will take effect Jan. 1, Bush said in an announcement released in Crawford, Texas, where he is vacationing. "This is the final step in normalizing U.S.-China trade relations and welcoming China into a global, rules-based trading system," Bush said. Last year Congress granted permanent trade status to China, but that was contingent on China's entry into the WTO. As part of China's membership in the WTO, former President Bill Clinton pushed for, and Congress last year approved, legislation granting the country permanent normal trade status with the United States, ending the annual reviews of China's tariff privileges. Since that new status could not go into effect until China becomes a WTO member, the Bush administration was forced to request another extension of China's annual trade privileges. China and the United States have reached an agreement, as part of China's WTO entry, under which China will lower tariffs on U.S. goods and open up its service sector to American companies. . . . . . . . . . . . . . . . . . . . . . . . Barry Stoller http://groups.yahoo.com/group/ProletarianNews ==^================================================================ This email was sent to: archive@jab.org EASY UNSUBSCRIBE click here: http://topica.com/u/?a84x2u.a9WB2D Or send an email to: [EMAIL PROTECTED] T O P I C A -- Register now to manage your mail! http://www.topica.com/partner/tag02/register ==^================================================================
