Possible sanctions against US could reach US$150m

Brazil could impose sanctions of US$104mn to US$150mn on imports from the U.S. in retaliation to U.S. steel tariffs, which were ruled illegal by the World Trade Organization earlier this week, according to preliminary calculations by the Brazilian Steel Institute (IBS). According to press reports Wednesday, the Brazilian government still hasn't decided if it will seek trade compensations from the U.S. The IBS found that Brazilian exports of thick steel sheets, cold-rolled steel and hot-rolled coils have been mostly hurt by U.S. trade barriers, effective since March 2002. Sales of cold-rolled steel to the U.S., for instance, fell to US$5.4mn last year after hitting US$68mn in 2001. Steel plates, the main Brazilian steel product exported to the U.S., were unaffected by the tariffs. by Sergio Caldas