Brazilian President Temer revealed on Tuesday that he had consulted with visiting US Vice President Penns in Brasilia on tariff exemptions for steel and aluminum imports.
On March 23, the Trump administration announced a tariff of 25% and 10% on steel and aluminum from major importing countries. Soon, the US government’s tax was temporarily exempted from Brazil.
But on May 1, the US government decided to terminate the negotiations and immediately imposed tariffs on imports of steel and aluminum from the United States, and there is no room for further negotiations in the future.
Temer said that Vice President Pengs took the initiative to mention the import tariffs on steel and aluminum, and the two sides agreed to continue consultations to resolve trade barriers. In 2017, the bilateral trade volume between Brazil and the United States was US$51 billion, and the United States was the target country for Brazilian industrial products exports. The United States has invested a lot in Brazil, totaling more than 100 billion US dollars. Brazil's investment in the United States is also very important. It has increased 10 times in the past 20 years and created more than 10 jobs in the United States.
In 2017, Brazil was the second largest source of steel imports in the United States, behind Canada.
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