Business: Tit for Tat

At a Geneva meeting of the 34 member nations of the General Agreement on Tariffs and Trade, the U.S. came under attack last week. Subject: the U.S. restrictions on dairy products from Denmark and other countries. "We feel,"said Denmark's Gunnar Seidenfaden, "that a leading trading nation like the U.S. has special responsibilities to cooperate in the general effort." With the backing of Australia, The Netherlands, Sweden, Italy and Canada, GATT passed a Danish resolution affirming the right of other nations to take retaliatory action against the U.S. so long as American import restrictions remain in effect.

...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!