President Reagan, as promised, Wednesday vetoed legislation tightening curbs on textile, apparel and shoe imports. He said the bill would have "disastrous effects" on the U.S. economy.

White House spokesman Marlin Fitzwater said Reagan vetoed the bill as soon as it arrived from Capitol Hill.The bill, intended to protect American industries against foreign competition, won final congressional approval last Friday but without the two-thirds margin needed to override a veto.

Reagan said, "It would impose needless costs on American consumers, threaten jobs in our export industries, jeopardize our overseas farm sales and undermine our efforts to obtain a more open trading system for U.S. exports."

But the bill's sponsor, Sen. Ernest F. Hollings, D-S.C., issued a statement saying, "We gave President Reagan exactly what he asked for."