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U.S., Brazil settle tariff dispute

The United States and Brazil have agreed on a negotiated settlement in their cotton dispute, meaning tariffs on U.S. boats and other goods are on hold while terms of the settlement are implemented, the National Marine Manufacturers Association reports.

Powerboats, including personal watercraft, rowboats and canoes, were facing a doubling of the duty from 20 to 40 percent.

"I am so pleased that we were able to agree on a path forward with Brazil that will avoid the imposition of countermeasures on U.S. agricultural products and industrial goods that Brazil had announced would go into effect on Wednesday. Both the United States and Brazil will benefit by working together to resolve our dispute," Secretary of Agriculture Tom Vilsack said in a statement.

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