Brazil Increases Import Tariffs

Finance Minister Guido Mantega

Forbes reports that Brazil's Finance Minister Guido Mantega announced on Tuesday that there will be an increase of import tariffs on about 100 items. While the hikes must be approved by the other Mercosur countries, such an increase is allowed under Mercosur's rules.

Sectors that would benefit from the tariffs include steel, petrochemicals, pharmaceuticals, and capital goods.

The article says that given the weak global economy, the government feels that it must take this measure in an attempt to protect Brazil's domestic industry.

Source: "Brazil Portal"