WTO talks collapse over import rules

A disagreement between the United States, India and China over farm import rules caused trade talks to collapse on Tuesday, CBC News reported. The failure of the discussions between seven major trading powers likely signals the end to efforts by the WTO to reach an overall global trade pact. There have been continual disagreements between Western nations and emerging economic powers, including India and China, over manufacturing and agricultural rules. In mid-July, trade officials from a smaller group of countries began meeting in an effort to get the large WTO talks back on track. This most recent setback, however, could mean the larger negotiations will also fail, a senior source told AP. The US and the EU seek reduced tariffs on manufactured products and fewer restrictions on farm trade. India and China want emergency powers that would allow them to protect domestic farmers against imports from other countries.