Brazil might raise tariff on boats

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Brazil released a list of U.S. products today on which it will raise tariffs in retaliation for cotton subsidies allowed by the World Trade Organization.

Based on early reports, boat engines are not included on the list, but boats are included, according to the National Marine Manufacturers Association.

Examples of other products included are American-made cars, refrigerators and other industrial and agricultural goods. These tariffs would be enacted 30 days from today.

In an encouraging development last week, U.S. secretary of state Hillary Clinton met with Brazilian foreign minister Celso Amorim to begin negotiations on this issue. The good news, the NMMA reports, is that both countries expect an agreement to be reached before the list becomes effective.

The NMMA says it will continue to work with coalition partners, the Obama administration and Congress to help find a solution for this dispute.