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. Last Updated: 07/27/2016

Doha Sees U.S. Offer to Cut Subsidies

GENEVA -- Global trade talks began a third day on Wednesday after emerging economies such as Brazil and South Africa said a U.S. offer to cut its farm subsidies was not enough to justify reciprocal moves by them.

Without a breakthrough in the coming days, the World Trade Organization's Doha negotiations risk further years of delay.

On Tuesday, the United States said it was ready to cut its annual ceiling on trade-distorting farm subsidies to $15 billion -- a level lower than its spending in seven of the last 10 years -- in order to kick-start the talks.

Billed as a chance to bolster the global economy and help fight poverty, the round has struggled from crisis to crisis since it was launched in 2001.

Schwab said Washington's offer on subsidies Tuesday was "a major move" and that developing countries now had to follow suit by opening up their economies and farm markets to more imports.