Brazil extends and expands steel import quota measures

       The Brazilian government announced on the 27th that the Brazilian Foreign Trade Commission has decided to extend the steel import quota measure for one year. The tariff rate within the quota will remain between 9% and 16%, and a 25% tariff will be levied on the part exceeding the quota. At the same time, four new products have been added to the import quota list, increasing the number of restricted products from 19 to 23.

       The Ministry of Development, Industry, Trade and Services (MDIC) of Brazil stated that the newly added products have been included in the control due to a significant increase in import volume, making them substitutes for the originally restricted products.

       It is reported that this adjustment follows the existing technical standards. All products with an import volume increase of more than 30% compared to the average from 2020 to 2022 will be included in the quota management.

According to the regulations, the newly added products have been included in the control due to a significant increase in import volume, making them substitutes for the originally restricted products. The MDIC said that this move aims to protect the domestic industry while minimizing the impact on industries such as construction, automotive, and electronics. (Xinhua Finance)