After decades shielded by closed economic policies, Brazil is changing its course on trade. President Jair Bolsonaro’s administration is slashing import tariffs on more than 2,300 products — reducing some to zero from as much as 20%.
For local businesses accustomed to protectionism, the policy change means being forced to adapt to the challenges of free trade. For American manufacturers, however, the world’s eighth-largest economy just became a new opportunity.
By Shelagh Dolan via ThomasNet