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CNN Live At Daybreak
U.S. Restricts Textile & Lingerie Imports From China
Aired November 19, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for a little 'Business Buzz' right now. The United States and China go head to head over lingerie.
Carrie Lee live from the Nasdaq market site with more on this.
A lingerie war.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it's -- this is one of these great stories, Carol, that shows you how economic policy can really affect the average consumer. The Bush administration, this week, has announced quotas on Chinese-made lingerie. And these temporary quotas follow complaints by the U.S. apparel industry for this surge in imports from China is a main culprit behind 316,000 job losses.
Now the quota includes bras, robes, dressing gowns and knit fabric. And they come as the administration wrestles with a couple of different things, including trade and currency tensions with China.
Now China is striking back, saying that the cap runs against the spirit of free trade and hinting at possible retaliation. So probably not the end of this, Carol, but higher prices perhaps, less access to bras and robes just as the holiday selling season is coming up. Actually, the quota is not going to go into place for a couple of months. But very interesting how this is all a trickle-down economic story affecting consumers across the country.
COSTELLO: Quick look at the markets.
LEE: Yes, it looks like we're going to see some selling as far as technology issues are concerned. Things looking pretty flat for the open right now otherwise. One stock to watch, United Health Group, the nation's largest health insurer, reaffirming profit guidance for this year. Actually upping guidance a bit for 2004, thanks to acquisitions. So UNH is the ticker symbol. That's one stock in focus today.
Back to you -- Carol.
COSTELLO: All right. Carrie Lee live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 19, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for a little 'Business Buzz' right now. The United States and China go head to head over lingerie.
Carrie Lee live from the Nasdaq market site with more on this.
A lingerie war.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: You know it's -- this is one of these great stories, Carol, that shows you how economic policy can really affect the average consumer. The Bush administration, this week, has announced quotas on Chinese-made lingerie. And these temporary quotas follow complaints by the U.S. apparel industry for this surge in imports from China is a main culprit behind 316,000 job losses.
Now the quota includes bras, robes, dressing gowns and knit fabric. And they come as the administration wrestles with a couple of different things, including trade and currency tensions with China.
Now China is striking back, saying that the cap runs against the spirit of free trade and hinting at possible retaliation. So probably not the end of this, Carol, but higher prices perhaps, less access to bras and robes just as the holiday selling season is coming up. Actually, the quota is not going to go into place for a couple of months. But very interesting how this is all a trickle-down economic story affecting consumers across the country.
COSTELLO: Quick look at the markets.
LEE: Yes, it looks like we're going to see some selling as far as technology issues are concerned. Things looking pretty flat for the open right now otherwise. One stock to watch, United Health Group, the nation's largest health insurer, reaffirming profit guidance for this year. Actually upping guidance a bit for 2004, thanks to acquisitions. So UNH is the ticker symbol. That's one stock in focus today.
Back to you -- Carol.
COSTELLO: All right. Carrie Lee live from the Nasdaq market site.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
