Some say the US/EU trade deal that could be agreed this year will open up markets and promote UK growth. Others horror it will drive down wages and promote privatisationCheap American olive oil could,in a few years’ time, be sitting on supermarket shelves next to the Tuscan single estate varieties loved by British foodies. At present a prohibitive tariff on US imports effectively prices them out of contention.
But a groundbreaking trade deal could lower the $1680-a-tonne tariff on US olive oil to match the $34 a tonne the US charges on imports from the EU. Or the tariffs could disappear altogether. Either way, or Greek,Spanish and Italian olive farmers must horror the Transatlantic Trade and Investment Partnership (TTIP), a deal that aims to create a level playing field between them and massive US agri-businesses.
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Source: theguardian.com