Brazilian steel consuming groups Wednesday expressed opposition to possible higher import tariffs for steel goods and its potential inflationary effects.
The comments come a week after Minister of Finance Joaquim Levy and Minister for Development, Industry and Foreign Trade Armando Monteiro confirmed ongoing studies to elevate the import tariff on steel products to 15-20% from 8-14%.
Rinaldo Maciel de Freitas, executive superintendent of the Brazilian steel importers companies association Abrifa, is against protectionist measures and noted Brazil has one of the world's highest import tariffs.
"Brazilian domestic prices are already the highest in the world and an increased import tariff could have an inflationary impact in the market," he said.
According to Carlos Pastoriza, president of the Brazilian Association of Machinery and Equipment, or Abimaq, if the government decides to elevate the tariff "it will mean another blow to the steel consuming industry."
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