Brazil hikes import tariffs 100 products

Brazil hikes import tariffs on 100 products

10:17 AM, 17th September 2012
Brazil hikes import tariffs on 100 products


BRASILIA, BRAZIL: Brazil’s government has hiked import tariffs on 100 products to help protect domestic industry from foreign competitors. The move has increased worries the globe’s No 6 economy will increase trade protectionism as its economy sputters amid the continued global slowdown.

But Trade Minister Fernando Pimentel said hiking tariffs on most of the products to 25 per cent is within Brazil’s rights as defined by the World Trade Organization. He said tariffs compensate for price differences on the products caused by continued doldrums amid the world’s top economies. The list of products targeted ranges from potatoes to kitchenware to various industrial metal parts.

Former Finance Minister Rubens Ricupero tells the Estado de S Paulo newspaper that the measure taken late Tuesday is protectionist and will do little to support local industry.

© The Associated Press




Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Yamal LNG to use BASF’s technology for natural gas purification

LUDWIGSHAFEN, GERMANY: BASF and Yamal LNG OAO (shareholders are Novatek OAO and Total) have concluded a license agreement on the use of BASF’s t ...

Read more
IFF opens new manufacturing facility in Singapore

SINGAPORE: International Flavors & Fragrances Inc opened a new state-of-the-art liquid flavours and fragrances manufacturing plant in Jurong, Sing ...

Read more
Troubled J&J hires outsider, Sandra Peterson to run its consumer unit

NEW YORK, US: Johnson & Johnson (J&J) named an outsider, on 13 September 2012, to fill a top leadership role overseeing its troubled consumer ...

Read more
LyondellBasell launches new 5th generation polypropylene catalysts

ROTTERDAM, NETHERLANDS: LyondellBasell launched a new family of fifth-generation non-phthalate catalysts for polypropylene (PP) production. These cata ...

Read more
Fluor bags Dow Chemical’s contract in Texas

IRVING, TEXAS: Fluor Corporation is awarded an engineering, procurement and construction management (EPCM) contract by Dow Chemical for a propylene pr ...

Read more
Czech Republic bans liquor due to methanol-related deaths

PRAGUE, CZECH REPUBLIC: The Czech Republic has taken a drastic emergency measure and banned sale of spirits with more than 20 per cent alcohol content ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X