Brazil Joins Protectionist Wave in Face of Cheap Steel Imports [BNN Bloomberg (Canada)]
USINAS SA B PFD S/ADR (USNZY)
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Source: BNN Bloomberg
Shipments exceeding quotas will be taxed 25%, the Development and Industry Ministry said in a statement Tuesday. This compares with current tariffs of about 11%. The higher tariff will be charged on products whose imports increased more than 30% from the 2020-2022 average. It's expected to take effect in about 30 days and be in force for a year. Read More: China's Surging Steel Exports Are Inflaming Global Trade Tension An uptick of cheap imports due to a slowdown in China's economy is pressuring steel producers across Latin America. Chile just issued a decree to impose temporary anti-dumping tariffs on Chinese steel used in the country's mining industry. Steel-producing nations like Brazil, Chile and Colombia face the dilemma of protecting their mills and safeguarding jobs versus the risk of souring relations with top trading partner China and pushing up prices for local buyers of steel products. Brazilian steelmakers expect 6 million metric tons of imported steel to flood
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