The Brazilian government is on a tariff-cutting spree. The Foreign Trade Council (CAMEX) on Tuesday slashed tariffs on 322 industrial items. The decision came one week after a similar move reducing tariffs on more than 4,000 imports. In both cases, the items covered are deemed to have no equivalent in the Brazilian market. Tuesday’s decision reduces tariffs on 322 industrial items from a previous range of 14% to 16% to zero. The items include capital goods, information technology equipment and telecommunications parts and equipment. The imports will be used by companies making industrial investments totaling more than $3 billion in areas such as energy, food packaging and auto parts. The investments will require imports of more than $450 million. The effort to reduce tariffs comes at a time when Brazil’s government is eager to boost productive investments. Meanwhile , the nation is in the process of rolling up a record foreign trade surplus, leaving considerable room to boost imports without harming the balance of payments.
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