Business Notes Trade

The U.S. and the twelve-member European Community pulled back from the brink of a major food war last week. After two months of intensive negotiations, the two sides reached an agreement in Brussels to lift mutual restrictions on some $1 billion worth of goods. Among other things, the E.C. concessions would lower tariffs on U.S. citrus products, almonds and other nuts, while the U.S. would shrink duties or raise limits on E.C. exports of anchovies, olive oil, paprika and cheeses.