RIO DE JANEIRO, BRAZIL — To ease rising food prices Brazil’s economy ministry plans to suspend corn and soy tariffs from countries outside of Mercosur, Reuters reported.
Soybean meal and soy oil imports will be included in the tariff suspension with soy imports until Jan. 15, 2021, while corn imports will cease paying tariffs until March 31, 2021, according to a ministry statement.
The tariff on corn and soy imports from outside Mercosur is currently 8% and 6%, respectively, and 10% for soy oil.
In early September, the economy ministry also decided to temporarily suspend tariffs on rice imports through the end of the year due to high prices for the grain, Reuters reported.