In November, Brazil announced an autonomous (and temporary) 10% import tariff reduction across 87% of all tariff lines – including food, finished and intermediate products – until the end of 2022. The full list of included products is available here (in Portuguese).
For instance, products previously subject to an import tariff of 20% ad valorem will now pay 18% – and not a literal reduction down to 10%. Examples include medicaments (from 8% to 7.2% ad valorem) and whiskies (from 20% to 18%, or from 12% to 10.8%, depending on the exact product code).
Why does this matter? This will benefit goods intensive sectors such as: Agriculture, Advanced Engineering and Machinery, Food & Drink, Chemicals and Minerals, Pharmaceuticals, Defence and Security, Energy and Infrastructure. For British businesses, it means a lower overall tax burden and slightly higher profit margins, as import tariffs head the list of taxes applied at customs.