By Doug Gray, Senior Contributing Reporter

RIO DE JANEIRO - In response to illegal U.S. subsidies granted to domestic cotton farmers, Brazil announced this week a list of American products that would be subject to higher rates of import tax by way of retaliation, and economists have warned of a possible trade war between the two countries.

The decision has a thirty-day window in which an agreement could still be reached, after which prices of cotton goods, medicines and cars amongst others, will see huge duty increases. This is the first time that the World Trade Organization has allowed . . .

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