In an interview to the local press, the Brazilian Vice-President, Geraldo Alckmin, reported the US Department of Commerce will impose a 25 percent import tariff on all products that use steel and aluminum in its production, independently of the country of origin.
Along with the decision, instead of today’s 50 percent import tariff recently imposed to all Brazilian products, the tariff in such cases will be reduced to 25 percent.
According to Alckmin, the tariff reduction will cover 6 percent of the Brazilian exports to the US, allowing for savings estimated at $2.6 billion per year.
He added that the competitiveness of the Brazilian products, chiefly machinery and equipment, is set to increase, as it will be leveled to all other countries.
The tax reduction does not cover steel or aluminum products, such as semis or finished products.
