GENEVA - The United States is ready to cut its ceiling for trade-distorting farm subsidies to $15 billion a year to help unblock talks for a global trade deal, U.S. Trade Representative Susan Schwab said on Tuesday.More here.
The long-awaited offer was contingent on other partners at the World Trade Organization making offers to open up their markets for agricultural and industrial goods, Schwab said.
The United States currently has a limit on subsidies which stands at more than $48 billion, although actual payments last year were only around $7 billion because soaring food prices meant U.S. farmers were in less need of support.
Tuesday, July 22, 2008
U.S. to cut farm "aid"?
From The Washington Post: