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On the eve of the FTAA Ministerial meetings in Miami, all eyes are on the US and Brazil, which are fittingly the co-chairs of the event. The simmering discord between the two governments came to a head at the WTO summit in Cancun, where Brazil led a group of 23 developing countries in a quest to lower the agricultural subsidies levied by the US, Europe and Japan. Brazil’s leadership at Cancun shocked the American trade negotiators. Despite a minor backlash in Washington and some public Brazil-bashing, the Brazilians earned some respect in trade circles.