After three recalls by Mattel and growing nail-biting among parents, Chinese officials have signed an agreement with Washington to stop using lead paint in imported toys, CNNMoney reports. Although the US outlawed sales of lead-painted toys in 1978, Chinese-made products containing the hazardous metal continue to seep into the market. Today's announcement signaled China's desire to preserve its market presence in America.
This month China overtook Canada as the US's leading provider of imported goods, and the People's Republic is eager to continue its dominance in America. But "Made in China" products have taken a substantial hit this summer, and toy companies are expecting a downturn in the upcoming holiday season. Mattel's CEO is to testify before a Senate panel tomorrow.