The U.S. will delay its trade retaliation plan.
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The countermeasures against European restrictions on grain exports to Spain will be delayed at least while U.S. Trade Representative Clayton K. Yeutter and European negotiators continue talks on a plane to Paris, Yeutter told reporters. “Inevitably, it (a July 1 deadline) will be extended beyond midnight,” Yeutter said. “We’ll be at 35,000 feet. There will be no decisions until Wednesday at the earliest, perhaps beyond.” There has been widespread fear that U.S. retaliation would touch off a trade war between the world’s two biggest traders--the United States and the European Communities.
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