THE RISKS FOR WORLD TRADE

The US is castigating Europe and Japan for restricting access to their markets, while last week a Pacific rim trade liberalisation initiative ended in acrimonious failure. To cap it all, the US and EU are at daggers drawn over trade in bananas. So far, serious economic damage has been avoided. But the threats to free trade could increase next year, if growth slows sharply in the US, while its trade deficit mounts. That prospect is alarming Bill Clinton's administration. While enjoining the rest of the world against closing markets, it appears increasingly unsure about keeping its own open. Mr. Clinton and his officials now say that unless other countries shape up, the US may turn protectionist.