On May 11, the Ministry of Economy informed that Brazil reduced import tariffs on two types of steel rebars and zeroed the rates for a list of food products in yet another initiative to reduce inflationary pressures.
These commodities will be on the tax cut list from May 12 to December 31, as well as on the list of exceptions that Brazil can employ to adjust import tariffs unilaterally without consulting the other members of Mercosur.
The import tax levied on two types of steel rebar (CA50 and CA60) was reduced from 10.8% to 4%.
As for food items, the tariffs for boneless bovine meat (10.8% before), chicken cuts (9%), wheat flour (10.8%), wheat (9%), corn grains (7 .2%), cookies and crackers (16.2%), and other bakery products (16.2%) were all brought to zero.
Source: Money Times
