Brazil backs steel tariffs

Brazil backs steel tariffs

The foreign affairs committee, an arm of the Brazilian Congress has voted overwhelmingly in favor of 30% steel tariffs. They also plan to initiate moves against the U.S. at the WTO. The vote contradicts government policy, experts report, but does meet the requirements of the country's IBS steel institute. Brazil plans to monitor import levels before making a final decision which depends on what President Fernando Henrique Cardoso ultimately decides.