UK and US stop protectionism against Brazilian steel, says Brazilian government

The Brazilian government announced today that the United Kingdom has decided to stop applying protectionist tax measures to imports of steel plates and cold-rolled steel products from Brazil, thus joining the decision of the United States to revoke tariffs against Brazilian steel.

With this measure, Brazilian steel becomes more commercially competitive again. The United Kingdom and the USA are two of the main markets for Brazilian steel products.

Of the US$7.3 billion exported by Brazil in 2019, more than US$3.4 billion were destined for the UK and the US.

On Friday, the US announced that they were annulling the trade defense (anti-dumping) tariffs that had been applied for more than five years to Brazilian cold-rolled steel products.

According to the Brazilian Ministry of Economy, the British authorities were convinced that the volume of Brazilian exports falls within the tax exemption parameters authorized by the agreements signed within the World Trade Organization (WTO).

Since a year ago, any steel plate and cold-rolled steel products exported by Brazil to the United Kingdom were subject to a 25% surcharge.

The United States will stop charging additional duties that could reach 46% (35% anti-dumping duty and 11% countervailing duty) on cold-rolled steel products purchased from Brazil.

With information from Xinhua

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