Brazil and the US are continuing with negotiations on exemptions from import tariffs for the South American company's steel and aluminum output, President Michel Temer said after meeting with the US Vice President Mike Pence.
According to Temer, the countries have strong economic ties, with bilateral trade of $51 billion in 2017.
"Mike Pence took the initiative to look at the steel and aluminum issue and we agreed to continue working to eliminate barriers to trade," Temer said after the meeting late Tuesday.
Currently, the US is the main destination of Brazilian industrialized products. "The US investments in Brazil are bulky - more than $100 billion. The investments from Brazil to US are also significant and growing."
According to Pence, Brazil is experiencing special growth in its economy and the strength of democracy, and the commercial relationship between countries can be strengthened.
"Today, we are the largest economies and democracies in the region, and looking to the future, our strategic partnership is a great opportunity," he said.
In May, Brazilian steelmakers accepted a hard quota system the US Department of Commerce proposed to avoid 25% US tariffs on steel imports.
The deal includes a 70% annual limit on finished steel exports to the US based on the average of the past three years. Semi-finished products were eligible for a 100% quota under the same scheme.
Under the hard quota structure, the US would not be able to receive any other steel imports from Brazil beyond the volume limit. It will take into account imports from January 1 onwards.
