Business: A Ticking Time Bomb in Trade

The Europeans threaten, yes, a ham-and-cheese war

The letter to U.S. Chief Trade Negotiator Robert Strauss carried the strident ring of an ultimatum. Signed by Wilhelm Haferkamp, the German vice president of the European Community, and approved in advance by the Foreign Ministers of the nine member nations, it brusquely warned Washington that the Nine would retaliate if the U.S. began collecting extra import duties on a wide variety of their products. It also intimated that the Community would walk out of the three-year-old Tokyo Round trade talks, thus scuttling any possibility for their...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

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