Brazil announced yesterday it would raise tariffs on 102 U.S. exports in a bid to force the U.S. to end subsidies to cotton producers.
The increased tariffs will go into effect in 30 days and remain in effect for one year, pending alterations in U.S subsidy practices. The list of concerned goods features about a hundred products including cosmetics (shampoos, cologne, beauty creams), appliances (televisions, sound and kitchen equipment) and cars. Increases in import taxes will vary between 22 and 100 percent.
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