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 VideoBBC News' James Reynolds reports on the importance of the banana trade in Ecuador  real 28k  |
World trade wars
The world is at war again - over trade. Governments and producers squabble over beef, bananas, steel and other goods. Once again some countries try to 'protect' their faltering industries behind trade barriers.
BBC News Online takes a look at the dangers facing the world economy.
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Trade disputes have a habit of turning into bitter conflicts. Most times, both sides lose out.
To prevent such frictions, 134 countries have agreed on trading rules and joined the World Trade Organisation (WTO) to mediate disputes. But the WTO's authority is under threat.
Also...
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Is beef from cattle reared using growth hormones safe for human consumption? The EU says no, blocking all imports. The United States says this amounts to protectionism. The WTO has now allowed the US to impose sanctions worth $116m - far less than the original US demands of up to $900m. The next trade war is about to break out.
Also...
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For three months the WTO was without a leader, as member countries squabbled over who should be the organisation's next director general. After a contest sullied by accusations of mudslinging, the two candidates, New Zealand's Mike Moore or Thailand's Supachai Panitchpakdi, agreed to share the job, but the WTO's reputation suffered from the dispute.
Also...
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The US government scored an important victory over the European Union when the WTO agreed that Caribbean banana producers were getting preferential treatment from the EU. The US retaliated swiftly with half a billion dollars worth of tariffs.
Also...
Ecuador, caught in the banana war
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The devaluation of the Asian currencies last year led to a flood of cheap steel in world markets. Japanese steel exports to the US surged a massive 400% last year - causing an outcry among hard-pressed American steel manufacturers. Washington wants WTO action.
Also...
Other global trade tensions...
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