US's new 12.5 percent additional customs duty to affect approximately 3 thousand Brazilian products
Key Points
- The US's new 12.5 percent additional customs duty covers approximately 3 thousand Brazilian products.
- In a large majority of these products, additional taxes combine with previous tariffs reaching 37.5 percent.
- The new tax decision threatens Brazil's 12.5 billion dollars in annual exports to the US.
- The President of Amcham emphasized that intergovernmental negotiations are essential for the recovery of bilateral trade.
By the Numbers
The United States has decided to impose new additional customs duties on imported products covering 60 economies, including Brazil. According to data released by the Brazilian-American Chamber of Commerce (Amcham), this new tax will directly affect approximately 3 thousand Brazilian products, which correspond to an annual export volume of 12.5 billion dollars.
For 85.3 percent of the sales of these products, the effects of this new measure will combine with the 25 percent tariffs announced last week, creating a cumulative effect. This situation will cause the total additional tax rate on these products to reach 37.5 percent. According to the institution, this rate represents one of the highest tax levels applied by the US to its trading partners.
Amcham President Abrão Neto stated that the developments will further weaken the competitiveness of Brazilian products in the US market and deepen the contraction trend of bilateral trade. Neto emphasized that both governments should return to negotiations to resolve the issue, adding that Brazil should avoid taking retaliatory steps.
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Frequently Asked Questions
- How many Brazilian products will be affected by the US's new customs duty decision?
- The new 12.5 percent additional customs duty will affect approximately 3 thousand Brazilian products, equivalent to 12.5 billion dollars in annual exports.
- What will be the total tax rate for Brazilian products?
- In 85.3 percent of the affected products, the new tax will combine with the 25 percent additional tax announced last week, reaching a total of 37.5 percent.
- What does the chamber of commerce propose against this situation?
- Amcham proposes that Brazil should not retaliate and that this process, which will negatively affect trade, should be resolved through diplomacy and negotiations between the two governments.
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