I remember a bitter global trade dispute from my days as a reporter, back in the 1990s – you might, too.

Rochester, N.Y.-based Eastman Kodak alleged Japanese rival Fujifilm was employing unfair practices – colluding with the Japanese government to create a "profit sanctuary," and erecting trade and distribution barriers – to dampen competition in Japan and abroad, and achieve dominance in the world photo products market.

From what I could see, anecdotally, Kodak's claims had at least some merit. The European Commission agreed, but the World Trade Organization didn't see it that way; Fuji was allowed to continue to press its advantage.

Winning the dispute made Fuji a bigger, bolder company. It invested in itself. I went on a tour of Fuji's Greenwood, S.C. plant, and it blew Kodak's facilities out of the water; it was "modular," modern, more efficient, and more easily able to adapt to fluctuations in market preferences.

Of course, the birth of digital photography soon made the dispute academic. We never got to see how it all might've played out.

Now, I mention all this because the WTO just issued another landmark ruling in a major international trade dispute with billions at stake.

I can't say history is repeating, though – this time, the organization sided with the American firm and against its rival in Europe.

That's great news for American industry, but especially for my readers. They've got the chance to reap a whole new batch of profits – after we've already seen peak gains of 157%.