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Banana War
1. Trade war between US and Europe: two banana-importing consumer nations The beginning of March 1999 saw a new trade war emerge. To give an idea of the importance of this issue, Washington applied a set of sanctions on a variety of EU goods, many of which had nothing to do with bananas, due to the preferential banana trade agreement. Washington claimed that they were protecting their interests and want to show that free trade can work, while the EU battled over questions regarding the right to decide, claiming that the US was manipulating WTO rules to implement sanctions against countries trading with regimes it does not like. The WTO eventually authorized its largest ever trade sanctions by USA on the EU. (The beef trading disputes also bore resemblance to the banana trade war; the EU banned beef from the US which have been treated with growth hormones, on the grounds of safety. The WTO ruled against the EU concerns and preferred the free trade approach.) The beginning of May 2001, saw an agreement signaling an end to the sanctions resulting from the banana dispute. Chiquita is thought to benefit, as it was facing bankruptcy. The Caribbean Bananas Exporters’ Association, representing the interests and fears of the Caribbean banana industry, also welcomed the end of the dispute but remained worried about some provisions.