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Brazil Mulls Removing Tariffs on Soybeans, Corn, Rice

Move is aimed at staving off inflation, surprises Mercosur partners

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The Brazilian government is mulling temporarily removing import tariffs on rice, corn and soybeans, the Agriculture Ministry said in a statement on Thursday, reports Reuters.

The move is aimed at staving off inflation, the statement added. Prices for rice, soybean and corn have risen recently in the domestic market.

While the ministry said there is no sign of a potential shortage of these products, Brazil has exported almost all its soybeans, and imports are expected to rise this year.

According to Reuters, Brazil’s partners in South America’s Mercosur trade bloc, which are already exempt from import taxes, were taken by surprise by Brazil’s move and said it could not be carried out unilaterally.

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