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Financial In Market Trade ministers of the 25-member European Union say they support the launch of an investigation into a flood of cheap textile and clothing imports from China.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. Membership is free.

The deficit improvement was mainly fuelled by a 7. EU countries, and exports to EU countries rose two per cent. However, the UK imported á21.5 billion worth of goods, and total imports rose to a record á27.9 billion. Paul Dales, UK economist for Capital Economics, cautiously welcomed the figures. "The figures are a lot better than expected but the trend still remains poor, " he told the BBC.

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The EU said it would cut itshighest tariffs on food imports, and cut domestic farm support by 70%, up from 65%, in response to the US move. EU Trade Commissioner Peter Mandelson said all WTO members needed to be open and responsive to world needs. Brazil's Foreign Minister Celso Amorim told reporters that he was not satisfied with the US and EU proposals but that it was a step in the right direction and he hoped that trade talks would continue to progress accordingly.

Financial Forex Forex Software April 25, 2005 (AXcess News) Brussels - Trade ministers of the 25-member European Union say they support the launch of an investigation into a flood of cheap textile and clothing imports from China.

Yesterday, USD rose to 1.32 level without any breaks reaching a new two year high, EU Oct M4 Money supply growth rose 8.5% at the annual rate.

Trading The ministers, meeting in Luxembourg, were reacting to an announcement Sunday by EU Trade Commissioner Peter Mandelson that he plans a probe into nine categories of Chinese textile and clothing products. Mr. Mandelson urged China to cut its textile exports to Europe, or face formal curbs on products such as T-shirts and trousers.

In the United Kingdom, nearly a third of its power generation depends on natural gas. In 15 years, the UK will be dependent on Russia for 90 percent of its imported gas. Japan is almost totally dependent on imported energy sources and is heavily invested in Iran's Azadegan oil field. China has major investments in Iran, importing 13.6 percent of its oil requirements from that nation and, overall, 45 percent of its oil imports from the Middle East. China is also investing in Canadian tar sands projects.

Trading Financial System Major European textile producers, such as France, Italy and Portugal, are demanding the European Union, which handles all foreign trade matters for its member states, impose limits quickly on Chinese exports. They say thousands of textile jobs will be at risk, unless the bloc acts now.

If the rand strengthens, imports become relatively more affordable, and thus as more imports are demanded and purchased, CPIX rises. The result is a higher level of imports being brought into the country (thus affecting our trade account, but that's a whole other story!) which pushes the CPIX level closer to the ceiling target of 6%, thus fuelling the need for an increase in the Repo rate.

Day Trading But other countries, such as Britain, the Netherlands and Sweden, are against imposing emergency measures.EU statistics show that imports into Europe of Chinese sweaters have jumped 534 percent, and those of men's trousers 413 percent, compared with last year.China acknowledges that its exports have increased since a global quota system ended on January first. But it says it has imposed its own measures to control the export surge. China now produces nearly half of the world's output of T-shirts, sweaters and trousers.In announcing his 60-day probe into the surge of Chinese textile imports, Commissioner Mandelson says he wants China to exercise further restraint, in order to prevent the need for EU restrictions.

Forex Financial Trading The "I urge China to take a fresh look at the measures they have put in place already, and explore whether they cannot do more," said Mr. Mandelson. "I have also asked for concrete evidence that their measures are having an effect. I shall be pursuing this further over the coming days with the Chinese authorities."

Fortune Make Option Trading Mr. Mandelson, who is now in Hong Kong for meetings with Chinese trade officials, says Europe's textile industry needs breathing space, so it can restructure and become more competitive. But he acknowledges that the European Union cannot impose permanent restrictions under world trade rules.

Science Of Financial Market Diplomats in Brussels say that, even though the European Union is irked by China's low-cost clothing exports, it does not want to get into a trade spat with Beijing. The diplomats say that, as the Chinese economy continues to boom, many EU companies are angling for lucrative contracts there in such areas as nuclear power and high-speed trains.

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