April 7, 2010 – US Agriculture Secretary Tom Vilsack announced that the US and Brazil have reached an agreement to settle a trade dispute centering on the US subsidization of the country’s cotton crop.
The agreement was finalized one day before Brazil was set to impose $830 million in sanctions on US products from automobiles to pharmaceuticals to electronics. The deal calls for the US to modify its export loan program and establish a temporary assistance fund for the Brazilian cotton industry.
In exchange, Brazil will temporarily set aside its right to sanction until 2012 when the next US farm bill will be debated in Congress.
Read more at Agriculture Industry Today:
Cotton news – http://agriculture.einnews.com/news/cotton
Brazil Agriculture news – http://agriculture.einnews.com/brazil/
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