Amid reports that the G8 summit in St Petersburg has urged last minute concessions on subsidies to prevent the international trade talks from collapse, the Washington Post has an interesting series examining how America's farm subsidy bill has soared to $25 billion despite high revenues. Comment: If President Bush removed that he would be doing everyone a favour: the US budget deficit would fall and developing countries would be able to compete on a level playing field. The trouble is common sense is no good when you are dealing with entrenched producer lobbies with deep wallets.
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July 19, 2006
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