Brazil may seek tariffs for Chinese steel imports

The Brazilian Steel Institute said yesterday that it plans to ask the Brazilian government to raise tariffs on Chinese steel imports. Marco Polo Mello Lopes, the institute's executive vice president, told the press that his organization would approach the government regarding this issue sometime next year. Mr. Lopes said that while Brazil currently imports very little Chinese steel, he is afraid that tariff barriers that are being enforced in Japan, Mexico, and the US are likely to make Brazil a target market for China. However, Mr. Lopes said, the Brazilian government may not be inclined to raise tariffs on Chinese steel because China is currently buying large amounts of iron ore from Brazil, which is boosting Brazil's trade balance. Most of the steel that Brazil imports from China consists of semi-finished products that are not subject to import duties.