Brazil is still in talks with the US over quotas on Brazilian exports of steel, which are mostly made up of semi-finished steel products, including slab. Brazil’s acceptance of the restrictive quota was the country’s best alternative to avoid a 25 percent import tariff.
After US Vice President Mike Pence visited Brazil this week, the two countries announced they are still talking about the tariffs.
“Vice President Mike Pence took the initiative to raise the steel issue and we agreed to keep working to eliminate trade barriers,” said Brazilian president Michel Temer.
Brazil and the US have a strong trade ties, with bilateral trade reaching about $51 billion in 2017. The US invests about $100 billion in Brazil, said Temer, adding Brazilian investments in the US are also significant and are said to be “growing.”
Pence said Brazil is experiencing a key moment, in which the local economy is regaining strength. “We’re today the region’s two largest economies and democracies,” he said.