Brazil asks EU for compensation for tariffs on steel
The Brazilian government yesterday (Feb. 18) submitted to the European Union (EU) a request for compensation for the safeguards on steel imports imposed by the economic bloc early this month. On February 1, the EU unveiled its rules on the introduction of definitive safeguards on steel imports. The measures will be applied in the form of 25 percent quotas on imports surpassing the limits set for the product category in question.
The Brazilian government also submitted to the World Trade Organization a notification that Brazil, backed by the Agreement of Safeguards, may adopt measures in order to restore balance in its trade with the European bloc, taking into account the safeguard measures in the steel sector.
“The Brazilian government remains open to dialog with the European Union, in order to seek to better address these issues. It also reiterates its willingness to continue to spare no efforts to advocate the interests of Brazilian producers and exporters,” a joint note released by the Ministries of Economy, Agriculture and Foreign Affairs reads.
Last year, the US also imposed tariffs on steel imports from other countries, including Brazil. However, after negotiations, Brazilian steel was left out of the move.
