Key Points
- The US decided to impose a 25 percent customs duty on certain Brazilian products.
- Lula stated that Brazil will not accept disrespect from any country and demanded respect.
- The Brazilian government will take the issue to the WTO and initiate the Reciprocity Law process.
- The new taxes are expected to affect approximately 7.4 billion dollars of Brazil's exports to the US.
By the Numbers
Brazilian President Luiz Inácio Lula da Silva made statements regarding the new customs tariffs imposed by the US on Brazilian products. Speaking at an event in Rio de Janeiro, Lula stated that he awaits Donald Trump's discourse on the matter but emphasized that Brazil will not accept disrespect from any country.
Last Wednesday, the US decided to impose a 25 percent customs duty on certain Brazilian products following an investigation into Brazil's trade practices. The Brazilian government condemned the decision as disproportionate and unacceptable, while negotiations failed to result in the withdrawal of the tariffs.
The Brazilian government announced that it will initiate the process to activate the Reciprocity Law, which was unanimously approved by Congress to take countermeasures. The said customs tariffs are expected to affect approximately 18 percent of Brazil's exports to the US, corresponding to 7.4 billion dollars.
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Frequently Asked Questions
- What is the rate of the new customs duty imposed by the US on Brazilian products?
- As a result of the investigation into trade practices, the US decided to impose a 25 percent tax on certain Brazilian products.
- What steps will the Brazilian government take against the new tariffs?
- Brazil will initiate the process to enact the Reciprocity Law approved by Congress and take the issue to the WTO's dispute settlement mechanism.
- Which sectors are affected by the new customs duties?
- Ethanol, agricultural machinery, footwear, clothing, sugar, paper, and various chemical products are included in the scope of the new taxes.
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Read the full story at the sourcemetropoles.comHow we produce our content →This story across sources · 8 · 8 countries
- Money Times·
- Ekonomim·
- Rossiyskaya Gazeta·
- Poder360·
- Infobae·
- Techgear·
- Diário do Centro do Mundo·
- Citizen Digital·