Mercosur Announces Protectionist Import Duty Hikes
by Mary Swire, Tax-News.com, Hong Kong
04 January 2012
The South American trade bloc, Mercosur is to slap the maximum rate imposable, 35%, on the import of one hundred additional goods, likely on a temporary basis until December 2014, Brazil's Minister for Finance has announced.
The move will double the list of imports upon which the bloc levies a maximum 35% import tariff, in an effort to protect its domestic industries from 'unfair' foreign trading competition, Mantega said.
According to the bloc - which comprises Argentina, Brazil Uruguay and Paraguay, with Bolivia, Chile, Colombia, Ecuador and Peru as associate members, the move is to shield the nations' markets from an anticipated flood of cut-price products from Asia as consumer consumption falls in Europe and North American nations. The nations also cited the undervalued currencies of its major trading partners as a factor in its decision.
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