World Trade Talks Set To Resume?
News last week that the world trade talks had collapsed without any agreement on cross country transactions seemed to be the final nail in the worldwide economy coffin which needs as much help as it can muster. The fall out between the US and India centres on the need (from India's point of view) to protect poor farmers from price falls and excessive import competition. The country had been looking to agree a tariff but the US was not willing to listen to any potential restrictions on trade.
While there were some constructive talks behind the scenes and there are hopes that talks will resume very soon, it is a reflection of the growing strength of countries such as India and China (the power houses of the future) that they were able to stand firm against the US.
Many were privately surprised by the US stance as George Bush has been responsible for some of the most restrictive tariffs in US history which in some areas has killed imports stone dead. While there is no suggestion that the US is looking to profit from the problems of local farmers in India, they seem fundamentally against the idea of formal tariffs being put in place. The US as much as anyone else needs to see a breakthrough as soon as possible as its own economy is struggling more than most.
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