This is big! and its all over the net. From IHT

GENEVA: A high-level summit meeting to salvage a global trade pact collapsed Tuesday after the United States, China and India failed to compromise on farm import rules, according to trade officials.

Trade diplomats, who were not authorized to speak publicly, said that the meeting of seven commercial powers collapsed here at the World Trade Organization’s headquarters.

continue reading about the collapse of the WTO talks over farm trade….