THURSDAY, SEPTEMBER 19, 1985
7
TRADE WAR WARNING IF JENKINS BILL PASSED
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THE CHAIRMAN OF THE HONG KONG GENERAL CHAMBER OF COMMERCE, MR JACK TANG, WARNED TODAY (THURSDAY) THAT THE STAGE COULD BE SET FOR A TRADE WAR IF THE PROTECTIONIST JENKINS BILL BECAME LAW.
HE WARNED THAT THE BILL WOULD LEAD TO RETALIATION AGAINST U.S. EXPORTS.
+ IN A TRADE WAR THERE WOULD BE NO WINNERS. MARKETS, JOBS, LIVELIHOODS, WOULD BE LOST ON BOTH SIDES,+ MR TANG SAID AT A BRITISH-AMERICAN CHAMBER OF COMMERCE LUNCH IN SAN FRANCISCO TODAY (SEPTEMBER 18 U.S. TIME).
HE WARNED THAT THE UNITED STATES WOULD BE HURT BY THE JENKINS BILL.
MR TANG, WHO IS ALSO A MEMBER OF HONG KONG'S TRADE DEVELOPMENT COUNCIL AND TEXTILE ADVISORY BOARD. HIT OUT AT THE BILL DRAFTED BY CONGRESSMAN ED JENKINS WHICH CLAIMED TO ENFORCE THE U.S. RIGHTS AND OBLIGATIONS UNDER THE MFA WHEN IN FACT IT WOULD ACTUALLY ABROGATE IT+.
THE BILL IS AIMED AT PROTECTING THE U.S. TEXTILE AND APPAREL INDUSTRY BY SHARPLY REDUCING IMPORTS FROM DEVELOPING COUNTRIES.
+THERE ARE MORE THAN 300 PROTECTIONIST BILLS BEFORE CONGRESS OF WHICH THE JENKINS BILL, IN PARTICULAR, WILL CAUSE SERIOUS DAMAGE TO THE U.S. FRIENDS IN THE PACIFIC BASIN.
+AND THAT IS THE REGION OF THE WORLD WHICH WILL MATTER MOST IN THE FUTURE: IT CONTAINS MANY OF THE U.S. FOREMOST ALLIES AND TRADING PARTNERS,+ MR TANG SAID.
THE BILL WOULD DESTORY THE MFA WHICH HAD BEEN IN EXISTENCE FOR OVER A DECADE, HE ADDED.
IT WOULD ALSO FORCE THE U.S. TO RENOUNCE ALL OF ITS BILATERAL AGREEMENTS WHICH HAVE ALREADY PROTECTED THE DOMESTIC INDUSTRY FOR THE LAST TWO DECADES.
MR TANG SAID HE UNDERSTOOD THE PROTECTIONIST FEELINGS THAT HAD GROWN IN THE U.S. BECAUSE THE TRADE GAP BETWEEN THE U.S. AND JAPAN WAS AWESOME.
IF JAPAN DID NOT OPEN UP HER VAST MARKET A TRADE WAR MIGHT DEVELOP WHICH WOULD AFFECT THE SMALLER COUNTRIES THE MOST, HE SAID.
/SAID MR