Suddenly the specter of an all-out trade war between the U.S. and the twelve- member European Community loomed larger than ever. In Palm Springs, Calif., where President Reagan was vacationing, U.S. Trade Representative Clayton Yeutter announced last week that the Administration was prepared to slam the door by Jan. 30 on more than $400 million worth of West European imports, including Italian white wine, French cognac and British gin. The Europeans came right back with threatened new barriers against such U.S. products as corn-gluten feed, soy cakes, rice and almonds. Yeutter spoke darkly of possible "major disruptions in international trade." In...
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