U.S., European Leaders Looking To Avoid Future Trade Wars

Business leaders and government officials in the U.S. and Europe are joining forces in an effort to establish an early warning system to identify and head-off trade and regulatory-policy disputes. The two global economic powers have most recently clashed over the 15-nation European Union's (EU) refusal to buy U.S. hormone-treated beef and the limits the EU has imposed on U.S. bananas. A continuing conflict over the Internet exchange of business data also has highlighted the need for closer consultation. The move's backers want the warning system to be discussed at the U.S.-EU summit meeting in Berlin next month and by ministers of the World Trade Organization when they meet in Seattle in November.