BRASILIA, Feb. 10 (Xinhua) -- Brazil threatened on Tuesday to impose up to 112 percent of tariffs on U.S. products to retaliate against the U.S. subsidies to its cotton farmers.
According to the Foreign Trade Chamber (CAMEX), the deliberative body of the Brazilian government on foreign trade, the value of retaliation could amount to 560 million U.S. dollars. Moreover, the list of targeted products would be released on March 1.
But the date for the trade sanctions' going into effect has not been decided yet.
Since late last year, U.S. and Brazilian officials have been negotiating to settle the trade dispute. But Brazilian authorities said they had received no signs from Washington to find a negotiated solution.
In November 2009, the World Trade Organization (WTO) authorized Brazil to impose sanctions of up to 830 million dollars on the United States to compensate for the damage caused by U.S. subsidies.
The Brazilian government has already identified 222 possible U.S. targets for trade retaliation, ranging from foodstuffs and textiles to pharmaceuticals.
