Brazil lifts tariffs for certain steel products

Brazil's government has temporarily lifted tariffs for certain energy, building, and consumer products in order to prevent price increases by protected local producers. Wire rod, steel beams, and steel wool were also among the products tariffs were cut for. The tariff cuts were made as part of the Mercosur common market treaty which allows Brazil, Argentina, Uruguay, and Paraguay to temporarily reduce the group's 12 percent tax on all non-group imports.