Although the US announced this week that a deal had been reached with Brazil regarding permanent exemption from Section 232 tariffs, Brazil disputed the account, according to a report from Reuters.
Brazil’s foreign and trade ministries said that the Trump administration had “unilaterally cut off talks” on April 26, after giving Brazil the option of choosing tariffs or quotas. Brazil’s aluminum industry reportedly chose the 10 percent import tariff, while the steel industry opted for a quota system.
On Wednesday, the Trump administration said details of the deal had not been finalized, adding that Donald Trump would re-impose tariffs if negotiations were not settled shortly.
Under the proposed quota-based system, US imports of Brazilian finished steel products will be reduced to 496,000 mt tons per year. Semi-finished steel products, including slab, will be reduced to 3.5 million mt.