Word: mfn
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...that the U.S. still denies most-favored-nation trade status to the U.S.S.R., though it has just renewed that status for China despite last year's massacre of pro-democracy demonstrators in Beijing. Said the Soviet President, with heavy sarcasm: "What shall we do for you to give us MFN? Maybe we should introduce presidential rule in the Baltics and at least fire some rounds...
...Bush's move drew angry criticism from many members of Congress, including Republicans, but Capitol Hill is unlikely to muster the two-thirds vote of both chambers that would be needed to block the measure. Bush argued his case on economic grounds, claiming that to deprive Beijing of its MFN classification would harm the Chinese people, cost capitalist Hong Kong 20,000 jobs and $8.5 billion in exports of Chinese-made goods processed in Hong Kong, and add 40% to the prices American consumers must pay for Chinese imports. But he also defended his action as the best way, ultimately...
Though both the U.S. and Hong Kong would have suffered greater financial losses than China if MFN status had not been renewed, Beijing can ill afford the estimated $3 billion or more that revocation would have cost mainland enterprises. Despite the success of a stringent austerity program in cooling the overheated economy and cutting inflation from 18% last year to less than 5% today, there have been debilitating side effects. The suspension or reduction in production in as many as one-third of Chinese factories and the ( cancellation of hundreds of construction projects have contributed to a "floating population...
...most- favored-nation status, Beijing last week announced the release of 211 dissidents, jailed since last June's crackdown in Tiananmen Square. Congressional leaders, however, said they were unlikely to be swayed by the move. Senator Richard Lugar warned that there was "very considerable sentiment" to deny China the MFN status it has held since 1980. The impact of the prisoner release was also diluted by allegations from Xu Lin, a Chinese embassy official who defected two weeks ago. According to Xu, Beijing has been systematically harassing its expatriate students, warning them of jeopardy to their families and careers...
Several human rights organizations and church groups said this was only the latest instance of the regime's repression. With Congress due to consider renewal of MFN trading relationships this summer, conservatives want to strip Rumania of its special status...