Brazil government renews tariffs, quotas on steel products
SAO PAULO, May 27 (Reuters) - Brazil's government on Tuesday decided to renew 25% tariffs initially imposed last year on 19 steel products, while also expanding the trade defense measure to other four, Brazil's Ministry of Development, Industry, Trade and Services said.
The decision, which was made by government trade body Gecex/Camex, and will be valid for a further 12 months, also maintained a quota system on the volume of steel imports, the ministry said in a statement.
Brazil had initially announced those trade defense measures in April last year, after steelmakers complained about cheap foreign steel, specially from China, "flooding" the local market.
In the statement, which did not name the new products to be affected by the tariffs, the ministry said that steel imports made in the context of trade agreements or special regimes would not count toward the quota volumes.
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