According to economists, the move may be made in an effort to curb consumer inflation, currently standing at 5.3 percent. This number is in excess of the 4.5 percent inflation figure targeted for 2010.
The economic impact of the steel import tariff removal is currently being assessed. A firm timeline for a final decision has not yet been announced.Brazil considering removing steel import tax
On the heels of last week's 10 percent price-hike announcement by Brazil-based Companhia Siderurgica Nacional and the Tubarao mill of ArcelorMittal, Brazil's Trade and Industry Minister Mifuel Jorge has stated removing Brazilian steel import tariffs is indeed a possibility. Import tariffs for flat rolled steel products currently stand at 12 percent.
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