IMPORTS: Shoot-Out over Recycled Rifles

It lacks the intrigue of the Iran arms deal, but the case of the Korean M-1 rifles has stirred a controversy on Capitol Hill just the same. Since 1984 Blue Sky Productions, a small Arlington, Va., arms dealer, has been trying to import up to 200,000 American-made M-1s that the U.S. Army shipped to South Korea during World War II and the Korean War. The company hopes to reap as much as $30 million by buying the rifles for $150 apiece and selling them to antique-gun collectors for $300. But the Treasury Department has barred the deal under the provisions of...