<p>The Brazilian government is expected to announce reduction steel import tax to reduce the inflation rate in the country, which has reached 12.8% during the last 12 months. Reuters reported that Brazilian steel maker’s association Aco Brasil said that Brazilian Economy Minister Mr Paulo Guedes has asked his team to reconsider a tax cut on steel imports to help cool down consumer prices. Aco Brasil explained at a press conference that the government is considering reducing the steel rebar import tax to 4% from 10.8% and that the measure would be reconsidered after a meeting between steel makers and Mr Guedes. Aco Brasil Chairman and Gerdau Aços Brasil, Argentina & Uruguay Mr Marcos Eduardo Faraco Wahrhaftig said that a decision on the tax cut is expected on 12 May. The expectation is that the government will not welcome the plea for the tax reduction and will reverse this measure.”</p><p>of the Board of Directors of Aço Brasil / Vice-President of Gerdau Aços Brasil, Argentina and Uruguay</p><p>Media reports suggest that he list includes steel products used by the civil construction sector, such as rebar, wire rod and beams, which currently have a 12 percent import tax. </p><p>Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.</p>
<p>The Brazilian government is expected to announce reduction steel import tax to reduce the inflation rate in the country, which has reached 12.8% during the last 12 months. Reuters reported that Brazilian steel maker’s association Aco Brasil said that Brazilian Economy Minister Mr Paulo Guedes has asked his team to reconsider a tax cut on steel imports to help cool down consumer prices. Aco Brasil explained at a press conference that the government is considering reducing the steel rebar import tax to 4% from 10.8% and that the measure would be reconsidered after a meeting between steel makers and Mr Guedes. Aco Brasil Chairman and Gerdau Aços Brasil, Argentina & Uruguay Mr Marcos Eduardo Faraco Wahrhaftig said that a decision on the tax cut is expected on 12 May. The expectation is that the government will not welcome the plea for the tax reduction and will reverse this measure.”</p><p>of the Board of Directors of Aço Brasil / Vice-President of Gerdau Aços Brasil, Argentina and Uruguay</p><p>Media reports suggest that he list includes steel products used by the civil construction sector, such as rebar, wire rod and beams, which currently have a 12 percent import tax. </p><p>Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.</p>
