Brazil's tax on ketchup to jump to 38%

Geneva, Switzerland (GenevaLunch) – Brazil is taking up its option, approved by the Geneva-based World Trade Organization, to slap a 30 percent import tax on fruit from the US after what it calls eight years of negotiations and four years of trying to get the US to end its cotton subsidies. The US remains the world’s largest cotton producer, while Brazil is fifth. Brazil handed its list of taxes to the WTO Monday 8 March. Cars will also be taxed and ketchup will be taxed at 38 percent instead of 18 percent.

Links to other sites: AP/Yahoo news, Fruitnet, World Trade Organization

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