According to a joint note released by Brazil’s Ministries of Economy and Foreign Affairs on November 5, the Brazilian government has decided to cut import tariffs by 10% on around 87% of imported products and services.

Among them, the import tariffs on most flat-rolled and long steel products will be reduced from the current 12% to 10.8%; that on stainless steel products will drop from 14% to 12.6%; that on aluminum ingots and billets will be cut from 6% to 5.4%.

These changes will affect more than 87% of goods subject to the tariff system.
This decision will be valid until December 31, 2022. It is an expected move in the Mercosur rules.