United States Trade Representative Ron Kirk and Secretary of Agriculture Tom Vilsack announced that the United States and Brazil have agreed upon a path toward a negotiated settlement with Brazil over the Cotton dispute.

"I am pleased that our teams have been able to make substantial progress towards the goal of a negotiated settlement which would avoid the imposition of countermeasures against U.S. trade, including U.S. exports and intellectual property rights. We now have a clear path forward, one that is in the best interest of both the United States and Brazil," said Ambassador Kirk. "As a result of our discussions with Brazil we have avoided imposition of higher tariffs against hundreds of millions of dollars in U.S. goods exports which were scheduled to go into effect this week. This demonstrates how our two countries, working together, can solve problems. I am hopeful that this will enable us to build upon our strong relationship with Brazil, to the benefit of both of our economies." 

Click here for full press release.