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Brazil to penalize US with higher tariffs
[Iran Press TV Latest] Brazil has subjected a number of US goods to higher tariffs to retaliate against Washington's move to unlawfully pay subsidies to the US cotton producers. And after we gave them money to drill their off-shore region for oil. That's gratitude for you ... The World Trade Organization has authorized the South American country to impose levies as high as 14 and 100 percent on US imported goods. The higher tariffs on US products including cosmetics, home and kitchen appliances, cars and boats would worth USD 591 million annually, AFP reported. Brazil may apply another USD 238 million penalty in sectors like intellectual property and services. According the US Embassy in the Brazilian capital, Brasilia, the US Commerce Secretary Gary Locke will visit the South American nation on Tuesday in a bid to settle disagreements. "There is time for us to resolve this in a peaceful and productive way without any further action," the US Secretary of State Hillary Clinton said during a visit to Brazil last week. Earlier this month, Brazil set a 30-day deadline for Washington to reach a mutual deal to avoid higher levies. "We want a comprehensive solution to this issue; so far we have not received a concrete response," said Carlos Marcio Cozendey, head of the economics division at the Brazilian foreign affairs ministry. Posted by: Fred 2010-03-09 |
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