Brazil, US Agree To Cotton Feud Truce Until 2012

Law360, New York (June 17, 2010, 7:07 PM EDT) -- Brazil has backed an agreement to postpone retaliatory tariffs on scores of American products until 2012, marking a temporary truce in a long-running trade dispute over U.S. cotton subsidies, officials said Thursday.

The South American nation was preparing to levy countermeasures of more than $800 million on U.S. exports of cotton, cars and fruit, including $560 million set to go into effect Monday, and unspecified penalties on intellectual property rights, following a favorable ruling from the World Trade Organization.

Although Thursday's decision does not provide a...
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