After a meeting with Economy Minister Paulo Guedes, industry group Aco Brasil said that only steel rebars would be affected by the government's decision to lower tariffs on several products, including steel.According to the Economy Ministry, Brazil's government cut the import duty on steel rebar from 10.8% to 4% to bring the rate in line with other nations' standards.
The new rate, according to Ana Paula Repezza, executive secretary of the ministry's Foreign Trade Chamber, conforms "to the international average for these categories of items." She said at a press conference that the decision was technical and denied that it was intended to alleviate inflationary pressures amid a 12.1 percent increase in consumer prices in the year to April.
Following a meeting with Economy Minister Paulo Guedes, industry association Aco Brasil stated that the government's plan to decrease tariffs on many items, including steel, would solely effect steel rebars.
A decrease for other categories of steel items, according to Repezza, "is not currently under evaluation since we have not yet received claims for other products."
.The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.