Brazil: Brazil Eliminates Soybean and Corn Import Duties
Link to report:
On October 16, Brazil announced that it would suspend the import tariffs on corn, soybeans, soy meal, and soy oil from countries outside the Mercosur trade bloc. The tariff on corn and soy imports from outside Mercosur is currently eight percent, six percent for soy meal, and 10 percent for soy oil. Post anticipates that the decision will be published in the Brazilian Federal Register in the next couple of days and will come into force the same day. The import tariff waiver will apply to soybean and soy products until January 15, 2021, and for corn imports until March 31, 2021. The waiver will apply to all incoming imports with no quota. Post sees several hurdles to substantial imports from the United States due to current price spreads and several regulatory and logistical challenges.
