Shiploads of sweaters are piling up on Europe's doorstep, while European retailers and their customers are facing a "sweater-buying season" with far less choice than usual. Scores of European trading companies are facing bankruptcy or severe financial losses. Many jobs are likely to be lost.

Such are the consequences of the import restrictions on a number ofChinese textile products that came into effect on July 12. More precisely, they are consequences of the way in which these restrictions were introduced, without proper regard for the realities of modern commerce.