Brazil plans to reduce steel tariffs

Brazil plans to reduce steel tariffs

Brazilian Foreign Trade Ministry is reported to be pondering on reducing steel tariffs down to as low as 0% from the current levels ranging between 12-16% due to the strong request from steel users. It is stated that the request of steel users stems from the price hikes that are planned to be effected by the mills as of 2004. It is also stated that the idea behind the reduction in steel tariffs is creating competitiveness and breaking the monopolization in the market. The reduction in steel tariffs is scheduled to remain in effect for six months to be applied on twenty steel items. The draft bill regarding the issue will be discussed on January 6, 2004. Final decision will be disclosed by latest February, 2004.