On Friday, August 26, Brazil’s Economy Minister, Paulo Guedes, said he did not want the Chinese to enter Brazil and break the domestic industry.
According to Guedes, the economic team plans to zero the IPI (Tax on Industrialized Products) to improve the business environment and the competitiveness of the local industry.
“The Brazilian businessmen have an iron ball on their right leg, which is very high interest rates, and an iron ball on their left leg, which is very high taxes.
“We don’t want the Chinese coming here and breaking our factories, our industries, no way. What we want is something moderate. We lowered the IPI by 35%; we will end the IPI.”
Guedes spoke on the subject at an event at the Cotrijal Agribusiness and Industrial Cooperative.
With information from Poder360