The U.S. on Monday night gave Brazil a permanent exemption from new steel and aluminum tariffs, the Brazilian government said. The exemption followed a month of negotiations on the issue. However, neither the U.S. nor Brazil offered details on the agreement leading to the permanent exemption. The exemption came the same day a temporary exemption lapsed. The U.S. also offered permanent exemptions to Australia and Argentina while extending the temporary exemption to others, including the European Union. Earlier this year, the U.S. raised tariffs on steel imports to 25% and on aluminum to 10%. Brazil complained, saying its imports to the U.S. were mainly raw steel purchased by U.S. steel companies for further processing. The tariffs might have cost Brazil about $1 billion in exports.
Link to government news agency releaseMore Testimonials