Under the 2014 US Farm Bill, US cotton producers will receive significant subsidies which will have trade-distorting effects irrespective of future cotton prices. At a futures market cotton price of US$ 0.70/lb, US subsidy programmes are likely to suppress artificially the world cotton price by almost 7 percent, and result in about US$ 3.3 billion of loss for cotton-producing countries around the world, most of which are developing countries. This paper seeks to provide an objective, evidence-based assessment of the effects on the world market for cotton of the US cotton subsidies under the 2014 US Farm Bill.