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...
To continue reading:
or
Log-In
