Good morning! Today, the Brazilian steel industry bags a win. Google’s ban on political ads. And Belém’s shortcomings ahead of the COP30 climate conference.
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A win for Brazil’s steel industry
Brazil’s Foreign Trade Chamber (Camex) on Tuesday raised import tariffs on 11 different steel products to 25 percent and set import quotas for the new taxes to be enforced. The decision will take effect in 30 days and be valid for the next 12 months, during which time the government will monitor the market’s behavior.
👉 Why it matters. Brazilian steel producers have for months urged the government to take such action, claiming that dumping practices from China are creating existential threats for Brazilian steel producers.
What they are saying. In a statement, the Development and Trade Ministry said the decision only affects products whose imports in 2023 surpassed the 2020-2022 average by at least 30 percent. “The government expects the decision will contribute to reducing the idle capacity of the national steel industry,” the statement adds.
- Local steel producers...