Banana Tariff Dispute Ends In Settlement

Law360, New York (December 3, 2009, 2:44 PM EST) -- Latin American countries and the European Union have reportedly reached a deal to end a long-standing international trade feud over banana tariffs.

The deal would reduce tariffs on bananas from Latin America and would bring an end to legal proceedings against the EU at the World Trade Organization, according to a Thursday report from Reuters.

Under the terms of the settlement, tariffs on bananas would decrease to €114 ($172) a metric ton by 2016. Currently, the tariff is €176 ($265) a metric ton.

Poor banana growers...
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