Brazil Increases Tariff On Steel Product Imports

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – The Brazilian government increased import tariffs on five steel products , the country's Ministry of Development, Industry, Trade and Services reported late last Thursday (8). The increase was approved by the Executive Management Committee (GECEX) at the Foreign Trade Chamber (CAMEX).

Products included are some types of iron or steel bars, iron or steel tubes and hollows, and two types of welded pipes. The increased rates vary according to the product. In some cases it went from 10.8% to 12%, in two products from 12.6% to 14%, and in other two from 14.4% to 16%.

GECEX reported that it restored import duties back to Mercosur Common External Tariff levels. They had been lowered one-sidedly by Brazil in 2022, together with other products. The measure answers to pleas from the steel industry in Brazil, the Ministry said.

Pic for illustration purposes only

Translation by Guilherme Miranda ©Caia Image/Science Photo Library/AFP

The post Brazil increases tariff on steel product imports appeared first on Agência de Notícias Brasil-Árabe .


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