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U.S. markets recover from steep losses
GENEVA, Switzerland, July 1 (UPI) -- World Trade Organization states failed to break a deadlock on a new global trade treaty Saturday and India's trade minister left for home.
The talks reached an impasse after the U.S. and other farm exporters clashed with the European Union, India and other countries over access to those countries' agriculture markets, the Financial Times reports.
Those countries said the U.S. should first offer to further cut its farm subsidies.
Susan Schwab, the top U.S. negotiator, said the meetings hit "an impasse."
WTO Director Pascal Lamy" class="tpstyle">General Pascal Lamy said the trade ministers of the world's 60 major trading powers refused to show any flexibility and engage in negotiations to cut farm subsidies and tariffs on industrial goods, the Hindu News Service reports.
Lamy met in vain with the U.S., the European Union, Japan, Brazil, India and Australia to try to find any common ground.
A spokesman for EU trade commissioner Peter Mandelson said another meeting might be scheduled for later this month.
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