Word: agreement
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...with an offer to cut import tariffs on agricultural products an average of 46%, though some goods would have smaller cuts. The offer is "Europe's bottom line," says the E.U.'s Trade Commissioner, Peter Mandelson, although France--whose farmers retain near mythic political clout--still may veto any agreement it doesn't like. Says Mike Johanns, U.S. Secretary of Agriculture: "It does appear to me that we will not make as much progress in Hong Kong as we had hoped...
Even if there is an agreement, it may not be the breakthrough Africa is waiting for, say critics. Europe wants to exclude some products from its tariff cuts, and the U.S. proposal would effectively ease subsidies 2% by renaming existing supports or disguising them as other payments. "It's a case of smoke and mirrors," says Céline Charveriat, head of Oxfam's Make Trade Fair campaign. "If this offer goes ahead, trade-distorting domestic subsidies will remain almost completely unchanged...
...forces at work in world fiber markets," says National Cotton Council (NCC) vice chairman Allen Helms Jr. The NCC says it is prepared to accept subsidy cuts only if other sectors also take a hit--and if the WTO examines support for man-made fibers. "We will oppose any agreement that singles out cotton for unfair, special treatment," Helms told a Senate committee...
...Number of games (up from 10) a Major League Baseball player must sit out after testing positive for steroids, under a new agreement between team owners and the players' union...
...with the separatist Liberation Tigers of Tamil Eelam is under severe strain, with internal conflict in the rebel-controlled east and political killings blamed on the Tigers in the Sinhalese south. Rajapakse, 60, who says the peace process has been too soft on the Tigers, proposes ripping up the agreement and starting talks from scratch. Sri Lanka's stock market plunged 7% in a day on news of his victory...