Daily Management Review

Brazil wants the EU to compensate for steel import tariffs


02/19/2019


Brazil appealed to the European Union for compensation after the EU authorities introduced tariffs on steel imports from major producing countries earlier this month, the Brazilian government said.



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The government also notified the World Trade Organization (WTO) that it would take countermeasures to “rebalance” trade after EU action, according to a joint statement by the ministries of foreign affairs, economy and agriculture.

The Brazilian side is counting on compensation in the amount of € 180 million ($ 203.6 million), a government source told Reuters.

If the EU refuses compensation, it could open up to Brazil the ability to set or raise tariffs on European products, including milk powder, said a source who was not authorized to speak publicly and asked not to be named.

On February 1, the EU announced restrictions on steel imports in response to the tariffs on metals for US President Donald Trump. Tariffs set limits and quotas for the main exporting countries, including China, India, Russia and many others.

"The Brazilian government remains open to dialogue with the European Union in order to find the best way to solve these problems," the statement said. The Brazilian Cabinet of Ministers also reaffirmed its readiness to continue to protect the interests of Brazilian producers and exporters with all their might.

source: reuters.com






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