Brazil cuts import tariffs by 10%

The Brazilian government announced today (5) a 10% reduction in import tariffs of approximately 87% of goods and services imported by the country until December 31, 2022.

In joint note, released by the Ministries of Economy and Foreign Affairs, the government says that the measure “is justified by the urgent situation brought by the covid-19 pandemic and by the need to be able to count, immediately, with an instrument that can contribute to alleviate its negative effects on the life and health of the Brazilian population”.

Inflation

Economy Minister Paulo Guedes said this Friday (5) that this reduction in import tariffs will help to moderate inflation in the country. He commented on the cut in rates during his participation in the third edition of the Mercosur Conference on International Trade and Services, promoted by the Council of Chambers of Commerce of the economic bloc.

“Our Common External Tariff is still very high and this at a time like the current one, when we have strong inflationary pressure on the Brazilian economy and we would like to give a shock to the supply, facilitate the entry of imports to moderate the price increases. prices, is the ideal moment to open up the economy, albeit timid,” said the minister.