About a year ago, Brazilian steelmakers imposed a twenty-five percent mark-up on all steel sheet and cold-rolled steel products sold to the UK, which is regularly checked by British authorities (Photo: CNI /Jose Paulo Lacerta)
The UK will no longer apply safeguard duties to imports of steel plate and cold-rolled steel products from Brazil. The UK decision was announced on Friday (23), four days after the US International Trade Commission (ITC) decided to lift anti-dumping duties on cold-rolled steel products from Brazil, according to the Department of Commerce. More than five years. By eliminating safeguards, Brazilian steel will become more competitive. The United Kingdom and the United States are two of the most important markets for Brazilian steel products. Of the approximately $7.3 billion that Brazil exported to the world in 2019, more than $3.4 billion went to the United Kingdom and the United States. According to the Department of Trade, British officials were convinced by the argument that the volume of Brazilian exports would fall within the duty-free limits provided for in agreements signed within the framework of the World Trade Organization (WTO).
About a year ago, Brazilian steelmakers imposed a twenty-five percent surcharge on all sheet and cold-rolled steel products sold to the UK in excess of the maximum level, which is under ongoing review by UK authorities. Meanwhile, the United States will suspend additional tariffs of forty-six percent (thirty-five percent countervailing duty and eleven percent countervailing duty) on cold-rolled steel products from Brazil. According to the Economy Ministry, the US decision applies only to Brazilian products, while maintaining safeguard measures for other countries.
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