Haddad Says Brazil Raised Import Taxes to Fight Unfair Trade

Brazil raised import taxes on more than 1,000 products, mostly electronics, in an effort to protect domestic manufacturers from what the government called unfair international competition, Finance Minister Fernando Haddad told reporters Wednesday.

• Measure targets foreign companies that sell in Brazil without local production
• Applies to goods that do not differ from products already manufactured domestically
  • “Goal is to bring these companies to Brazil,” Haddad said
• Government may grant immediate exemptions if companies prove there is no local production
• Haddad said the tariff increase will not push up consumer prices.
• Minister said he will speak with Senate President Davi Alcolumbre ...