*Instituto de Pesquisa Econômica Aplicada (Ipea), a Brazilian government-run research institution, has warned that Brazil’s steel industry could lose US$1.5bn in export value this year and production could drop by 700,000 tonnes due to tariffs imposed by US President Donald Trump. The 25% tariffs on steel and aluminium imported into the US took effect yesterday. Ipea stated that the US is a key market for Brazilian steel, with more than half of Brazil’s total steel exports in 2024 being shipped to the US. However, Ipea also downplayed the wider impact on the Brazilian economy, predicting that the tariffs will cause a reduction of 0.01% to GDP and a 0.03% drop in total exports. The think tank also expressed support for the government’s efforts to reach a negotiated solution to the trade tensions rather than respond with retaliatory tariffs.
Back
LatinNews Daily - 13 March 2025
In brief: Brazilian think tank warns of US tariff impacts
- ARGENTINA: Pensions protest turns violent
- PERU: Congress moves to tighten control over NGOs
- In brief: Ecuador’s Noboa presents economic reactivation plan
- BRAZIL: Latest inflation figures deal blow to Lula
- In brief: Brazilian think tank warns of US tariff impacts
- GUATEMALA: Gov’t hails arrest of country’s most wanted fugitive
- In brief: US aviation authority extends Haiti ban
- MEXICO: More ‘extermination camps’ found
- In brief: Mexico delays response to US steel and aluminium tariffs
- In brief: Chile reports rise in exports