Brazil Reduces Auto Tariffs

08/20/96

Xinhua has reported that Brazil cut customs tariffs on autos imported from Japan, South Korea and the European Union (EU) countries by half. The tariffs will drop from 70 percent to 35 percent. The decision came amidst protest at the World Trade Organization from South Korea, the United States, Japan and the EU.

Brazil's Foreign Ministry Trade Affairs Undersecretary Jose Botafogo Gonzalves announced Brazil's decision to put the import quota on vehicles from Japan, South Korea and the EU at 50,000 units, for a duration of 12 months.

Paul Dever -- The Auto Channel