BRASILIA — Brazil’s
government reduced the import tax on steel rebar to 4% from 10.8% to put the
tariff in line with other countries’ practices, the Economy Ministry said on
Wednesday.
Ana Paula Repezza,
executive secretary of the Foreign Trade Chamber at the ministry, stated that
the new rate corresponds “to the world average for these types of products.”
She
told a news conference the move was technical and rejected the suggestion that
it was designed to reduce inflationary pressures amid a surge in consumer
prices to 12.1% in the 12 months through April.