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Brazil Wants Compensation for Reducing Steel Trade With the European Union

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The Brazilian Administration said on Tuesday it would seek compensation from the European Union after the bloc had applied surcharges to steel imports that exceeded certain limits.

In a joint statement, the Ministry of Foreign Affairs and the Ministry of Economy said that the government will continue to seek from the European Union adequate compensation to balance the adverse effects of safeguards on the current trade.

The EU published last Friday the regulation of the 25 percent surcharge on steel imports that exceed limits set by product category. Surcharges are valid until June 2021.

The measure concluded a process initiated last March on the imposition of safeguards, which were implemented in June on a provisional basis.

In the statement, the Brazilian government reiterated that it was contrary to the surcharges applied by the EU.