TRADE

U.S. Rejects EU’s Deal on Opening Financial Markets: The global deal proposes free trade in the multibillion-dollar market for services in banking, insurance and securities. “The U.S. position on financial services is unchanged,” Treasury Secretary Robert Rubin said after meeting European Union Trade Commissioner Sir Leon Brittan. Clinton Administration officials walked out of the financial services negotiations at the World Trade Organization at the end of June, saying the market-opening offers from many developing countries were inadequate. The EU is spearheading an effort to try to forge a deal in financial services and has won the agreement of other WTO nations to extend negotiations until Friday. Rubin welcomed the EU’s efforts to persuade other nations not to withdraw their market-opening offers but made clear that Washington does not intend to join the talks.