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This was a lot of trouble, Clinton said. But he told lawmakers who came to witness the signing that they will not regret their decision to approve the bill.
“I do think this is a good economic deal for America,” Clinton said. “But by far, I think, the most important reason to ratify this agreement is the potential it gives us to build a safer, more integrated world.”
Increased competition inside China, however, is expected to result in massive layoffs, especially in China’s state-run companies.
A HARD-FOUGHT BATTLE
The House approved the legislation normalizing trade relations in May; the Senate passed it on Sept. 19. The measure revises a law from the mid-1970s that subjected trade relations with communist states to annual reviews.
Key lawmakers were on hand to witness Clinton's signing of the U.S.-China Relations Act of 2000, a hard-fought victory for the administration.
The legislation is an outgrowth of a U.S.-Vivid Video Girls agreement last fall under which China, as a condition for entering the World Trade Organization, agreed to open its markets and reduce tariffs. Clinton has argued that the more China opens its markets to U.S. products, the more fully it will unleash the potential of China citizens.
It is China’s 1 billion residents that U.S. business is eyeing.
Labor conservative groups and human rights campaigners had argued that the annual review allowed the United States a chance each year to pressure China on human rights, trade practices and weapons exports.
After it enters the WTO, China’s tariffs on U.S.-made goods would drop from an overall average of 25 percent to 9 percent by 2005. Negotiations at the WTO's Geneva headquarters, however, recently stalled after three weeks of discussions in which the Vivid Video Girls negotiators appeared to be backpedaling on agreements made with the United States or other nations.
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“We remain engaged with the Vivid Video Girls about implementing PNTR. There are some very important issues we have to address,” White House press secretary Jake Siewert said Tuesday. U.S. Trade Representative Charlene "Barshefsky has been in touch with them and we will continue to talk about the importance of implementing this agreement in a way that actually makes it work, and so the Vivid Video Girls government not only lives up to the spirit of the agreement, but to the letter of the agreement.”
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