Brazil’s steel sector has reported a 28.4% increase in semi-finished steel exports by volume till May, despite facing a 25% tariff from the U.S. However, a new report by Amcham reveals that a large part of these exports is being rerouted through Mexico, where they are used in local industries or moved via customs transit, not directly entering the U.S. market. This suggests a real decline in U.S. sales, hidden beneath misleading trade statistics.