The Uruguay Round of the General Agreement on Tariffs and Trade (hereafter, the GATT), which is to be signed by more than 10 nations on December 15, 1993, represents the culmination of seven years of negotiations on reforms of international trade. Assuming that the U.S. Congress will ratify the agreement, most, if not all, agricultural commodities produced in the United States will be affected in some way. The purpose of the present paper is to examine the likely effects of the GATT on U.S. peanut markets. Although the market value of U.S. peanut production is small compared to many other U.S. agricultural commodities, the impacts of the GATT on peanut markets are of considerable interest for at least two reasons
