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Gold/Mining/Energy : Euro Impact on Gold, USD ...

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To: banco$ who wrote (135)	1/12/1999 8:52:00 PM
From: banco$	of 289

"U.S. Steps Up Banana Trade War" - Tuesday January 12 GENEVA (AP) -- Increasing the threat of a multimillion-dollar trade war over bananas, the United States said Tuesday it would notify the World Trade Organization on Jan. 25 of its intention to slap sanctions on the European Union. U.S. trade ambassador Rita Hayes said Washington would impose 100 percent tariffs against a wide range of European products regardless of renewed WTO moves to assess whether EU banana import laws break international trade rules. EU ambassador Roderick Abbott rejected U.S. offers of further negotiations to settle the dispute. ''There are two little problems,'' Abbott said in a message to the United States and its allies in Central America. ''One is that you are threatening us with $500 million worth of retaliation and people don't negotiate very well under the threat of a big stick. The other one is that you are the only people who say we have to change.'' The banana dispute has rumbled on for years. It began when the EU decided to provide better access to bananas from former European colonies at the expense of U.S.-owned Latin American producers who serve 85 percent of the world market. A 1997 WTO panel ruling said this violated fair trade rules. The European Union says it has changed its laws to conform with the WTO judgment. But the United States and Central American banana producers say it hasn't done enough. The WTO meeting Tuesday agreed to requests from the EU and Ecuador to reconvene the 1997 panel to examine whether the EU had complied. Ecuador, one of the biggest banana producers, hopes the panel will find the EU in the wrong. The EU hopes it will be vindicated. Tuesday's decision complicates an already difficult legal situation. The WTO, set up in 1995, has never been asked to approve sanctions and trade experts are uncertain how to proceed. The EU has warned that U.S. sanctions action may risk setting off a tit-for-tat war. The Clinton administration last month announced a list of European export items that would be subject to 100 percent tariffs, ranging from greeting cards to cashmere sweaters. The sanctions would be likely to come into force in March and hit Britain and Italy hardest. (By NAOMI KOPPEL, Associated Press Writer)

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