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Brazil to Raise Tariffs on Imports

Written: 2012-09-06 14:18:28Updated: 2012-09-06 18:39:09

Brazil to Raise Tariffs on Imports

Brazil is moving to strengthen the protection of local industries by elevating tariffs on imports.

Local media report that starting from September 26th, the Brazilian government will raise tariffs on 100 items that have seen shipments increase to the country lately.

The decision will hike taxation on steel, petrochemical and medical imports from the current 12-18 percent to 25 percent.

The Brazilian government is planning to increase the number of import items subject to higher tariffs to 200 by next month. Its move will likely invite criticism of trade protectionism.

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