The main stumbling block was farm import rules, which allow countries to protect poor farmers by imposing a tariff on certain goods in the event of a drop in prices or a surge in imports.
India, China and the US could not agree on the tariff threshold for such an event.
Washington said that the "safeguard clause" protecting developing nations from unrestricted imports had been set too low.
I won't go as far as saying it's the end for globalization and "the world is flat", but this is really important. The US and western countries might (?) retaliate in the long run, for now it's a victory to China and India, as they have defended a part of their economy.
The world is changing. Power is, as has been said so often, shifting East. They are now in a bargaining negotiation to say no and protect their internal producers from the onslaught of western countries. Maybe their position, from now on, will be pretty much remembering they have the production.
Anyway, they don't have the demand for that production. In the long run, it may be the end of the run for them.
Link
