LatinNews Daily - 25 May 2022

In brief: Brazil announces further tariff reductions

* Brazil’s economy ministry has announced a 10% reduction to import taxes on 6,195 goods as part of efforts to rein in inflation, which in April reached an annualised rate of 12.13%. The latest tariff reductions apply to the same products targeted in November 2021, when the government cut tariffs on 87% of imported goods. The announcement represents a further divergence from Southern Common Market (Mercosur) rules on the common external tariff (CET). All Mercosur member states – Brazil, Argentina, Uruguay, and Paraguay – support reducing the CET, but negotiations have stalled as Uruguay conditions its support for tariff reductions on wider reforms, including scrapping a Mercosur rule preventing member states from unilaterally pursuing trade agreements.

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