Word: marketability
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Dates: during 2000-2009
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...case. Steven Warshaw, Chiquita's president, told TIME, "The E.U.'s illegal banana regime is the cause of the company's poor financial results since 1992. It would be absurd to conclude otherwise... It is well accepted that the E.U.'s banana regime was specifically designed to expropriate market share from U.S. banana interests to benefit European multinationals and other interests within the European market ... Our stock price declined precipitously, and our industry has been substantially damaged...
Worse still, the E.U. announced that instead of an open market, which Chiquita had hoped for, it would expand the old system, with quotas and tariffs on bananas brought in from Latin America and preferential treatment for bananas grown in the former colonies. The new rules went into effect on July...
...prepared to talk about possible "international courses of action" against the E.U. As America's only state producing bananas--most were grown for consumption on the islands--Hawaii had an indirect stake in the outcome of the banana war; because Chiquita, Dole and other producers had flooded the European market, tariffs notwithstanding, the overflow had found its way back into the U.S., driving down retail prices...
...that as it may, the USTR decision to pursue a trade war over bananas was sharply at odds with its handling of similar agricultural issues. Consider this: today, even with the tough trade restrictions still in place, Chiquita controls 20% of the European market. By way of contrast, the USTR has negotiated with Japan to allow American companies a 3% share of the Japanese market for rice...
...other words, the U.S. went to war on behalf of one American company that already had 20% of a foreign market, and it negotiated to secure 3% of another foreign market for the benefit of seven to 10 American companies...