{"id":88350,"date":"2024-04-24T10:21:44","date_gmt":"2024-04-24T13:21:44","guid":{"rendered":"https:\/\/murray.adv.br\/?p=88350"},"modified":"2024-04-24T10:21:45","modified_gmt":"2024-04-24T13:21:45","slug":"brazil-imposes-quota-increases-tax-on-imported-steel","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazil-imposes-quota-increases-tax-on-imported-steel\/","title":{"rendered":"Brazil imposes quota, increases tax on imported steel"},"content":{"rendered":"\n<h6 class=\"wp-block-heading has-text-align-center\"><em><strong>Purchases from abroad gained importance last year with an increase in imports from China<\/strong><\/em><\/h6>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>04\/24\/2024 <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/s2-valorinternational.glbimg.com\/UMAZCgdtHmnOsoPCuDMtbQA5emU=\/0x0:984x656\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2022\/g\/U\/PCl1KaTXAyhQ2JkLcHmg\/aco-divulgacao-arcelormittal.png\" alt=\"In recent months, Brazil\u2019s steel imports, especially from China, have surged, highlighting a conflict between two significant sectors of the national industry \u2014 Foto: Divulga\u00e7\u00e3o\/ArcelorMittal\" style=\"width:570px;height:auto\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\"><em>In recent months, Brazil\u2019s steel imports, especially from China, have surged, highlighting a conflict between two significant sectors of the national industry \u2014 Foto: Divulga\u00e7\u00e3o\/ArcelorMittal<\/em><\/p>\n\n\n\n<p>On Tuesday (23), Brazil\u2019s Chamber of Foreign Trade (CAMEX) approved two measures targeting imports of 11 steel products: the establishment of quotas and a new import tax rate. A 25% tax rate will be applied only to quantities exceeding the average import volume of these products by 30% from 2020 to 2022. This update was announced by the Ministry of Development, Industry, Trade and Services (MDIC) following a meeting of the Executive Management Committee (GECEX) of CAMEX. Prior to this decision, the import tax rates were 10.8% or 12.6%, varying by product.<\/p>\n\n\n\n<p>The ministry indicated that these changes are expected to take effect in about 30 days, pending review by other Mercosur countries. According to an MDIC statement, \u201cthe process also involves adjustments with the Federal Revenue Service and the publication of an ordinance to regulate the quotas.\u201d<\/p>\n\n\n\n<p>If approved, the measure will be in place for 12 months. Moreover, the CAMEX is still evaluating the status of four additional steel products, which may eventually receive similar treatment.<\/p>\n\n\n\n<p>In recent months, Brazil\u2019s steel imports, especially from China, have surged, highlighting a conflict between two significant sectors of the national industry. Brazilian producers argue that these imports are detrimental to their business, while manufacturers in the automotive, machinery, electronics, and equipment sectors contend that higher import taxes would increase the prices of their products.<\/p>\n\n\n\n<p>Government sources have recently noted that there has been \u201cvery high\u201d pressure from both sides to address their concerns. Similar issues have affected economies in other countries, including the U.S., due to rising Chinese steel exports.<\/p>\n\n\n\n<p>Last year, Brazil imported steel products worth $1.6 billion, which are now subject to quotas, with China accounting for 83% of those sales.<\/p>\n\n\n\n<p>In September, the CAMEX had increased the tax on 12 foreign steel products by 10%, reversing a cut made in 2022. At that time, the MDIC justified the increase as a \u201cresponse to the concerns of the domestic steel industry, given the substantial rise in imports at prices often subject to unfair practices in recent years.\u201d<\/p>\n\n\n\n<p>At a press conference following the CAMEX\u2019s recent decision, Vice-President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin expressed the government\u2019s expectation that \u201ca large part\u201d of the imports of the 11 products would fall \u201cwithin the quota.\u201d He supported the changes approved by the CAMEX, noting that steel companies had initially requested a rate increase for 31 products, an even more significant number. \u201cSome industries [steel mills] are operating with more than 40% idle capacity,\u201d he remarked.<\/p>\n\n\n\n<p>*Por Estev\u00e3o Taiar\u00a0\u2014 Bras\u00edlia<\/p>\n\n\n\n<p>Source: Valor International<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Purchases from abroad gained importance last year with an increase in imports from China 04\/24\/2024 In recent months, Brazil\u2019s steel imports, especially from China, have surged, highlighting a conflict between two significant sectors of the national industry \u2014 Foto: Divulga\u00e7\u00e3o\/ArcelorMittal On Tuesday (23), Brazil\u2019s Chamber of Foreign Trade (CAMEX) approved two measures targeting imports of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[24904,24905],"class_list":["post-88350","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazil-imposes-quota","tag-increases-tax-on-imported-steel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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