LOS ANGELES (Reuters) – U.S. President Joe Biden has promised his Brazilian counterpart Jair Bolsonaro the United States will reconsider tariffs levied on Brazilian steel as they held a bilateral assembly on Thursday, two Brazilian authorities sources stated.
Although no selections have been made, Bolsonaro left the bilateral assembly with a promise from the U.S. president that the difficulty can be analyzed in conferences between the 2 nations within the coming months.
“President Biden stated he had no particulars on the difficulty proper now, however would verify in and the matter would be taken up with the technical groups of the 2 nations as quickly as attainable,” one of many sources stated.
The topic was mentioned throughout the non-public assembly between the 2 presidents on Thursday, the place solely the Brazilian chancellor, Carlos Franca, and U.S. Secretary of State, Anthony Blinken have been additionally in attendance.
“We have had indicators that this problem have to be addressed. The reality is that the one who’s benefiting from this tariff now could be Russia,” stated the opposite supply. “The expectation is that this can be resolved shortly.”
The two presidents met on the ongoing Summit of the Americas in Los Angeles in what had been anticipated to be an “awkward” assembly.
The quotas for Brazilian steel imports have been created in 2018 throughout Donald Trump’s administration and set up that Brazil has the proper to export a part of the product with out import taxes, however the Brazilian authorities needs a return to the earlier coverage, underneath which there have been no taxes.
At present values, Brazil is entitled to export a quota of three.5 million tons of steel with out the tariff. According to sources Reuters spoke to, Brazil presently exports portions near the present quota to the United States, impeding the enlargement of Brazilian enterprise.
(Reporting by Lisandra Paraguassu; Writing by Gabriel Araujo and Steven Grattan; Editing by Louise Heavens and David Evans)
