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(Bloomberg News) |
GENEVA - American goods will face about $295 million in annual sanctions as a result of the United States’ failure to eliminate illegal subsidies to US cotton growers, the World Trade Organization ruled yesterday.
The result disappointed Brazil, which has won rulings against the United States over the past seven years. It sought to target US goods and drug patents for $2.5 billion worth of retaliation.
Washington argued the award should not exceed $30 million.
“While we remain disappointed with the outcome of this dispute, we are pleased that the arbitrators awarded Brazil far below the amount of countermeasures it asked for,’’ said Carol Guthrie, spokeswoman for US Trade Representative Ron Kirk.
Guthrie said the United States was also pleased the WTO rejected Brazil’s request for “unlimited’’ sanctions on US patents and trademarks and for a one-time award of $350 million in penalties for a subsidy Washington has already repealed.
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