7/29/2008

The U.S. is at loggerheads with emerging-market giants China and India in the latest obstacle during world-trade talks in Geneva, Switzerland. The argument is over the safeguard mechanism in WTO rules that lets countries raise tariffs sharply to hold back a sudden import surge of certain products. India said it wants a low trigger because it needs to protect its subsistence farmers from being priced out of their livelihoods. The U.S. said its price for any cut in subsidies is better access to the Indian and Chinese markets for cotton and soybeans.

Related Summaries