STRONG US DOLLAR
March 1st, 2002
BY PHILIP FINE
THE AMERICAN Textile Manufacturers Institute says a high dollar is hurting its industry. The ATMI has told a US Senate finance committee that "an enormous and destructive increase in the value of the dollar," particularly against the currencies of Asian textile exporting countries, were a major cause of the industry's woes" and added that the Bush Administration should abandon its 'strong dollar' policy. Last year saw 116 US textile mills closed, with 67,000 workers lost, (13 per cent of the sector). Since the dollar began its rise ...
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