Macroblog has a fine roundup of coverage on China’s deal with Europe on textile quotas.  The most interesting point for me is a paragraph from the WSJ on whether the Bush administration would be willing to sacrifice pet-project Cafta (Central American Free Trade Agreement) for China.

The EU deal comes at a delicate time for President Bush, whose push for trade liberalization with Central America has run into unexpectedly strong opposition in Congress. Opposition to the Central American Free Trade Agreement, which is considered Mr. Bush’s top trade priority for 2005, has been fueled by worry about the treaty’s effect on U.S. sugar producers and textile makers, who will face greater foreign competition, and broader concern about Beijing’s economic clout. The import curbs slapped on Chinese-made textiles by Mr. Bush this spring helped to dilute opposition from U.S. textile manufacturers to Cafta.

Here’s a question.  If you were in charge, would you risk Cafta to make the Chinese happier?  Or would you calculate that the relationship with Beijing swamps any gain from trying to maintain the momentum for hemispheric free trade agreements?   (No fair assuming that Congress will give you both — the political equivalent of a free lunch.)