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U.S. markets recover from steep losses
WASHINGTON, July 24 (UPI) -- The White House denied accusations Monday by the European Union that Washington killed the world free trade negotiations in Geneva, Switzerland.
Earlier Monday the head of the World Trade Organization suspended future meetings of the Doha round of trade talks because various parties were too far apart.
On one side were developing nations who sought lower state subsidies from rich nations for their own farmers. On the other side were wealthy nations who wanted easier access to developing nations' economies for exports and investments.
Shortly after Pascal Lamy, the WTO's director-general, suspended future Doha talks, Peter Mandelson, the EU's top trade negotiator, accused his U.S. counterpart of being inflexible with farm subsidies.
That brought a blunt denial from Tony Snow, President Bush's spokesman.
"The United States, at this point -- especially on agricultural subsidies -- has done a good job. Our average tariff on agricultural products is 12 percent. For the EU it's 24 percent," he said. "For WTO countries it's 62 percent."
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