Finding Ways to Skin the Grape

A deal on European agriculture should clear the way for GATT

THE ISSUE ON THE TABLE WAS OILSEED production. But what turned the tables was the power and the quality of the grape -- from California, largely. On Friday, U.S. and E.C. trade representatives announced an agreement that reverses Europe's previous refusal to reduce oilseed production, which in turn should head off a transatlantic trade war. Ultimately at stake: a new General Agreement on Tariffs and Trade (GATT), which some say could generate a trillion dollars in trade over the coming decade.

By consenting on oilseeds, the E.C. beat a Dec. 5 deadline, when U.S. tariffs would have tripled the cost of...

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!