Brazil hikes tariffs on natural rubber imports

According to foreign media reports on August 17, Brazil raised the import tariff on natural rubber from 3.2% to 10.8%.

According to information released by the country's Ministry of Agriculture and Livestock on the evening of the 15th, the federal government approved the policy at a meeting of the Executive Management Committee of the Chamber of Commerce for Foreign Trade (Camex).

The adjusted tariff is valid for 24 months. The sector said the Brazilian rubber sector faced headwinds due to the sharp drop in international synthetic rubber prices and the consequent loss of competitiveness with Brazil's imports from Southeast Asian countries.

Earlier this year, Brazil reinstated a tax on imported tires that had been abolished by the previous government. Agriculture and Livestock Minister Carlos Favaro said the current measures - higher tariffs on natural rubber - strengthened the production chain from producers to national industry.