The Executive Committee of Brazil’s Foreign Trade Chamber (Camex) approved the withdrawal of 12 steel products from the normative resolution that allowed a 10% reduction in import taxes. The decision will be published in the Official Gazette of the Union and will take effect on October 1, when the import tax rate will return to range between 9.6% to 12.8%. This decision was taken in response to concerns from the national steel industry, given the substantial increase in imports at often unfairly low prices in recent years. Several countries have adopted restrictive policies to block such imports, which, in practice, redirect these imports to countries like Brazil. The measure aims to make Brazilian steel more competitive in the domestic market, helping domestic manufacturers cope with the surge of unfairly priced imports and, thus, maintain a strong local industry.
Source: Datamar News