Brazil will suspend tariffs on corn and soy imports from countries outside the Mercosur trade bloc until early next year to help reduce food prices that are pushing up inflation, the economy ministry said on Saturday.
The decision to remove the tariffs temporarily was taken late on Friday at a meeting of Gecex, a technical body within the economy ministry, as reported by Reuters.
Soybean meal and soy oil imports will also be exempt along with soy imports until Jan. 15, 2021, while corn imports will cease paying the tariffs until March 31, 2021, the ministry said in a statement.
