U.S., China reach trade spat deal

[maddezmom]

LONDON, England (Reuters) -- The United States and China have reached agreement on reining in China's booming clothing and textile shipments to the United States until 2008.

U.S. Trade Representative Rob Portman and Chinese Commerce Minister Bo Xilai announced the deal at a joint news conference in London on Tuesday and hailed it as a success for both sides.

"I believe the textile agreement shows our ability to resolve tough trade disputes in a manner that benefits both countries," Portman said.

Bo described the outcome as a "win-win result", though he later said the agreement was "a far cry" from Beijing's original expectations.

The accord was reached after seven rounds of negotiations, at some of which Bo said the two sides had been "almost at the edge of a cliff".

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more:http://www.cnn.com/2005/BUSINESS/11/08/us.china.textile.reut/index.html?section=cnn_latest