Brazil: Raising Tariffs, Reducing Tariffs

By December 31, 2010Trade

Reuters, Dec. 30, “Brazil’s incoming president to hike tariffs“:

SAO PAULO — Brazil’s incoming President Dilma Rousseff is planning aggressive measures including targeted tariff increases and tax breaks to address damage caused to manufacturers by the country’s overvalued currency …

Brazilian Finance Minister Guido Mantega has warned of a “currency war” as countries, including the United States and China, attempt to depress their currencies’ value and take other measures to boost local production and exports.

Mantega told reporters on Thursday the consequences from the recent rise in the real “will be dealt with from January by the next government, probably (via) measures in the trade sector.”

Reuters, Dec. 13, “Developing nations agree tariff cut to boost trade“:

BRASILIA (Reuters) – Nearly a dozen developing countries led by Brazil and India will sign an accord this week to cut tariff barriers and boost trade among themselves, a senior Brazilian government official said on Monday.

Negotiations under the Global System of Trade Preferences Among Developing Countries were relaunched in 2005 in an attempt to diversify developing countries’ trade revenue and reduce their dependence on rich countries.

Around 43 countries are signatories to the original GSTP agreement from 1988, and 11 countries will sign the updated accord in southern Brazil this week.

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