Brazil To Sanction U.S. Goods

Brazil announced it will place trade sanctions on an array of imported goods from the U.S. after the U.S. failed to eliminated billions of dollars in illegal cotton subsidies.

Last year, World Trade Organization authorized Brazil to charge $829.3 million in annual penalties as compensation for years of subsidies paid to U.S. cotton farmers that have been deemed anticompetitive.

Brazil says the ruling allows $238 million worth of penalties on U.S. trademarks, patents and commercial services, which will be announced later this month, according to the AP.

The U.S. is the second-largest cotton exporter in the world behind China. Brazil is number five.