Brazil Unveils Tariff Plan to Force U.S. Cotton Concessions
March 10, 2010 Reuters
Raymond Colitt
Brazil detailed on Monday its planned retaliation against the United States over U.S. cotton subsidies but said Washington still had a chance to settle the trade dispute through negotiations. The Brazilian government published on Monday a list of U.S. goods subject to import tariffs that will go into effect in 30 days, unless the governments can reach a last-minute accord.
The World Trade Organization gave Brazil the formal go-ahead last year to impose sanctions on U.S. imports after the body ruled the U.S. government spent too much subsidizing cotton farmers and on an export credit guarantee program.
The United States said it was disappointed by the move.
The list of around 100 items includes a tariff increase on cars to 50 percent from 35 percent, a rise on non-hard wheat tariffs to 30 percent from 10 percent, and a 48 percent levy on milk powder, up from 28 percent.
Brazil is expected to publish by March 23 a separate list worth an additional $238 million in annual cross-retaliation penalties. That list would be subject to public hearings for 20 days and focus on intellectual property rights and services, ministry officials said.
(Story found in original format here.)
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