Brazil's latest announcement of zero tariffs involves the following products

On March 10 local time, Brazilian Vice President Alkmin announced through social media that Brazil will cancel import tariffs on six commodities starting from the 10th. The six items included two different types of steel, two types of aluminum panels, wristbands for measuring blood pressure and pulse, and radar antennas. Alkemin said that the previous import tariffs on the above-mentioned commodities ranged from 12% to 16%, and the government will implement a "zero tariff" policy on these categories of commodities in the future.

Brazil is China's largest trading partner in the Latin American market. The pressure on Brazil's economy and trade has caused the government to announce tariff reduction and exemption policies many times. The last announced tariff reduction and exemption involved a total of 6,195 products, see below for details (this policy covers 87% of all Brazilian imported commodity categories, after two adjustments, the import tariff of these categories of commodities was reduced by 20%, or directly reduced to zero tariff) .

According to data released by the Brazilian Institute of Geography and Statistics (IBGE) this Friday (10th), following a rise of 0.53% in January, the national broad consumer price index (IPCA) continued to rise by 0.84% in February, compared with 1.01% in the same period last year. The growth rate decreased slightly. In the past 12-month cycle, the national cumulative inflation rate reached 5.6%.

Among them, the cumulative inflation rate in the first two months of 2023 is 1.37%. In the statistical caliber of February, except for the 0.24% decline in the price of clothing products, the prices of the other eight categories of products have all increased.

1. On May 23, 2022, the Brazilian Ministry of Economy announced the reduction of import tariffs on commodities such as beans, meat, pasta, biscuits, rice and construction materials by 10%. The policy covers 87% of all Brazilian imported commodity categories, involving a total of 6,195 commodities, and is valid from June 1, 2022 to December 31, 2023. This is the second time since November 2021 that the Brazilian government has announced a 10% reduction in tariffs on such goods. According to data from the Brazilian Ministry of Economy, through two adjustments, the import tariffs on the above-mentioned commodities will be reduced by 20%, or directly reduced to zero tariffs.

2. On May 11, 2022, the Brazilian Ministry of Economy announced that in order to alleviate the impact of high inflation in the country on production and life, the Brazilian government officially reduced or exempted import duties on 11 products. Products from which tariffs will be removed include frozen boneless beef, chicken, wheat flour, wheat, biscuits, bakery products and confectionery, sulfuric acid and corn kernels.

In addition, import tariffs on CA50 and CA60 steel rebars were reduced from 10.8% to 4%, and import tariffs on mancozeb (fungicide) were reduced from 12.6% to 4%. Products exempt from import duties mainly include basic food and civil construction materials.