US Representative John Spratt, co-chairman of the Congressional Textile Caucus, has issued a statement in response to the Commerce Department’s report that the US trade deficit has set a new monthly record of $68.9 billion.

"The Commerce Department reported today that the trade deficit jumped 4.4% in October, setting a new monthly record of $68.9 billion. Last year, our current account deficit hit an all-time high, $666 billion, and that record will clearly be exceeded by this year's deficit,” he stated.

"These figures are cause for concern and a call to action. The Bush Administration has invoked a special safeguard agreement with China to impose quotas on certain textile/apparel imports, but the quotas do not apply across the board, and they mainly slow down the growing volume of imports.  In the meanwhile, 647,000 men and women still work in textiles and apparel in the United States; and their jobs are at risk if imports keep rising.

"Already this year, 31 textile and apparel plants in the United States have closed because they could not compete, including 12 in South Carolina. Stalwarts of the industry, like Springs and Celanese, are shutting plants and cutting back. Whole companies, like Fieldcrest-Cannon, have disappeared.

"If the Bush Administration wants to level the playing field and protect American jobs, it has stronger remedies at its disposal. One is to stop China from undervaluing its currency, and making its exports cheaper and its imports more costly. I have introduced a bill with Rep. Sue Myrick (R-NC) that directs the Secretary of the Treasury to raise tariffs on Chinese imports to 27.5% if, after a 180-day warning period, China does not float its currency and allow the market to set its value,” he said.