LatinNews Regional Monitor: Brazil & Southern Cone - 6 February 2019

In brief: Brazil

* Brazil’s foreign and economy ministries have issued a joint statement noting that the country will continue seeking compensation from the European Union (EU) for any damages caused by the EU’s decision to impose a 25% import tax on steel imports. The EU imposed the steel levy as a safeguarding measure in June 2018 in response to the US’s decision to start imposing steel import taxes to protect US steel producers. But Brazil, Latin America’s largest steel producer, has complained that the safeguarding measures adopted by the EU to protect its own steel producers go counter to international trade rules and has called for the EU to lift the tax for Brazilian steel imports or pay compensation to Brazilian steel exporters.