The US has released its latest offer on domestic subsidies. We were expecting US$15.5 billion. It is lower at $15 billion.
The offer has been dismissed by India as not serious. But has received a reasonably positive reaction from the EU. The EU does see further room for movement.
We understand that the US will make at least one further offer before these negotiations conclude. Expect something around the $14 billion to $14.5 billion mark.
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