Trade Plan Unveiled: The United States unveiled...

Trade Plan Unveiled: The United States unveiled a new formula for converting farm subsidies and quotas to tariffs to make it easier for negotiators in the current global trade talks to cut agricultural barriers around the world. The proposal essentially would require countries to replace their farm quotas and subsidies with tariffs that would reflect the difference between the subsidized price of a commodity and the world price. Once every country’s agricultural barriers were expressed as tariffs, it would be easier to compare them and ultimately to negotiate a reduction, the U.S. proposal says.