Word: gattes
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...GATT: Last December 117 nations agreed on a plan to revise the General Agreement on Tariffs and Trade. The changes in the global pact would reduce tariffs on manufactured goods, cut agricultural subsidies, tighten the protection of intellectual-property rights and create a new mechanism to mediate future trade disputes. Congress is considering whether to approve U.S. participation in the agreement. Opponents ranging from Pat Buchanan to Ralph Nader warn that the new treaty would require the U.S. to defer to a supranational body on such matters as automobile-emission levels, product warning labels and safety standards. Supporters...
...GATT's Last Gasp...
Washington -- It's looking more and more likely that Congress might fail to approve legislation that would put GATT into effect. The trade treaty once looked like an easy sell, but with Congress already in the midst of a number of heated battles, some members aren't prepared to get drawn into another fracas. Republicans don't like the need for minor new taxes; unions oppose GATT for the same reasons they opposed NAFTA. Look for a dogfight in late September...
...that time, however, Clinton may have been grateful for the distractions. In a major embarrassment at the summit, the Administration was forced to withdraw a last-minute initiative aimed at attacking trade barriers not covered under the recently completed GATT global trade accord. Sprung on the G-7 leaders just 10 days before the summit opened, the initiative was cautiously accepted by some countries but was flatly and publicly rejected by the French. Stung by having to withdraw the initiative so abruptly, Clinton privately blamed his trade team for sloppy preparation...
...then staged a lunch for 40 reporters to push Clinton's well-received crime and welfare reform bills. TIME White House correspondent Michael Duffy says Panetta is moving quickly to clarify the stakes for the president this year. "If they can deliver on health care and crime and the GATT agreement, they believe they will do well in the fall elections." And if they fail? "The wheels will come off the presidency...