Brazil seeks ‘full tariff reduction’ in US trade pact

Brazil is seeking a “full tariff reduction” in talks with the US, Trade Minister Marcio Elias ​Rosa told reporters on Wednesday (30) after he met with US ‌Trade Representative Jamieson Greer on the sidelines of a G20 meeting in Milwaukee.

The two countries will establish a working group to discuss issues related to a ​potential agreement on trade, the Brazilian government said in a statement, ​adding both sides aim to move swiftly toward a mutually ⁠acceptable understanding.

• The tariff cuts Brazil is seeking include all US Section ​232 tariffs on steel and aluminum, the 12.5% duty related to US ​forced labor allegations and a 25% tariff imposed under a Section 301 unfair trade practices investigation.
• According to the statement, the US will submit a proposal in the coming ​weeks setting out the scope of negotiations, including tariff and non-tariff issues.
• The ​meeting, which also included Brazil’s foreign minister, Mauro Vieira, builds on bilateral engagement following a ‌phone ⁠call in August between US President Donald Trump and his Brazilian counterpart, Luiz Inacio Lula da Silva.
• Brazil does not intend to use its so-called reciprocity law over tariffs against the US while trade talks continue, Lula ​told CNN International earlier ​this month.
• Rosa ⁠told reporters that Greer did not bring up potential new tariffs of 100% on Brazil’s purchases of Russian ​oil products under a sweeping new US sanctions law aimed ​at ending ⁠Russia’s war in Ukraine.
• Rosa also said that accessing Brazil’s critical minerals wealth could become part of trade talks with the US, but that Brazil ⁠would offer ​similar opportunities to other countries if there ​are value-added investments in processing.

Source: Reuters

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