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Yahoo
11-07-2025
- Business
- Yahoo
Brazil downplays impact of US tariffs on 2025 growth
By Bernardo Caram and Gabriel Araujo BRASILIA/SAO PAULO (Reuters) -Brazil's government expects the 50% tariff U.S. President Donald Trump announced earlier this week on all goods from the South American country to have little impact on its economic growth this year, it said on Friday. The Brazilian government downplayed the short-term effect of the tariffs, which are due to take effect on August 1, saying that only some specific manufacturing sectors would be hard hit. The U.S. is a large importer of Brazilian oil, steel products, pulp, coffee, orange juice and beef - goods that the government said could find other buyers in global markets. "Basic goods account for the largest share of items exported to the U.S. ...and tend to be more easily redirected to other countries and regions than manufactured products," Brazil's finance ministry said in a report. "Given this scenario, the impact of the tariffs tends to be of little significance on 2025 growth, although some manufacturing sectors may be particularly affected." Those include the aerospace industry, with the U.S. accounting for a large chunk of Brazilian planemaker Embraer's revenues, and energy-related machinery. Brazilian President Luiz Inacio Lula da Silva on Thursday had already vowed to find new buyers for the country's products, saying in an interview with Record TV that "it is not like we cannot survive without the U.S." The South American country is expected to grow 2.5% this year, according to government estimates that did not take into account the tariffs. Expansion would slow to 2.4% in 2026 due to tight monetary conditions. Economic Policy Secretary Guilherme Mello told reporters on Friday that even if "some" effects are felt on growth, they would not be as relevant as before, saying that Brazil managed to diversify its trade partners over the past two decades. Roughly 12% of Brazil's exports go to the U.S., while top trading partner China accounts for around 28%. The Asian superpower on Friday also slammed Trump's tariffs on Latin America's largest economy. "Tariffs should not be used as a tool for coercion, bullying, or interference in other countries," Chinese Foreign Ministry spokeswoman Mao Ning told a news conference in Beijing. In a letter to Lula, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023. In an interview with TV Globo on Thursday, Lula said he found Trump's reasoning for the tariffs "extremely outrageous." It is "simply unacceptable," he said that Trump is "calling for an end to the witch hunt against a former president who tried to stage a coup in this country. He didn't just try to stage a coup. He tried to prepare my death." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11-07-2025
- Business
- Yahoo
Brazil downplays impact of US tariffs on 2025 growth
By Bernardo Caram and Gabriel Araujo BRASILIA/SAO PAULO (Reuters) -Brazil's government expects the 50% tariff U.S. President Donald Trump announced earlier this week on all goods from the South American country to have little impact on its economic growth this year, it said on Friday. The Brazilian government downplayed the short-term effect of the tariffs, which are due to take effect on August 1, saying that only some specific manufacturing sectors would be hard hit. The U.S. is a large importer of Brazilian oil, steel products, pulp, coffee, orange juice and beef - goods that the government said could find other buyers in global markets. "Basic goods account for the largest share of items exported to the U.S. ...and tend to be more easily redirected to other countries and regions than manufactured products," Brazil's finance ministry said in a report. "Given this scenario, the impact of the tariffs tends to be of little significance on 2025 growth, although some manufacturing sectors may be particularly affected." Those include the aerospace industry, with the U.S. accounting for a large chunk of Brazilian planemaker Embraer's revenues, and energy-related machinery. Brazilian President Luiz Inacio Lula da Silva on Thursday had already vowed to find new buyers for the country's products, saying in an interview with Record TV that "it is not like we cannot survive without the U.S." The South American country is expected to grow 2.5% this year, according to government estimates that did not take into account the tariffs. Expansion would slow to 2.4% in 2026 due to tight monetary conditions. Economic Policy Secretary Guilherme Mello told reporters on Friday that even if "some" effects are felt on growth, they would not be as relevant as before, saying that Brazil managed to diversify its trade partners over the past two decades. Roughly 12% of Brazil's exports go to the U.S., while top trading partner China accounts for around 28%. The Asian superpower on Friday also slammed Trump's tariffs on Latin America's largest economy. "Tariffs should not be used as a tool for coercion, bullying, or interference in other countries," Chinese Foreign Ministry spokeswoman Mao Ning told a news conference in Beijing. In a letter to Lula, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023. In an interview with TV Globo on Thursday, Lula said he found Trump's reasoning for the tariffs "extremely outrageous." It is "simply unacceptable," he said that Trump is "calling for an end to the witch hunt against a former president who tried to stage a coup in this country. He didn't just try to stage a coup. He tried to prepare my death."
The Advertiser
11-07-2025
- Business
- The Advertiser
Brazil's Lula pledges retaliation to Trump tariffs
Brazilian President Luiz Inacio Lula da Silva says he wants to find a diplomatic solution to US President Donald Trump's threat of 50 per cent tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1. "We'll first try to negotiate, but if there's no negotiation, the law of reciprocity will be put into practice," Lula said in an interview with Record TV, citing a law Congress recently passed giving the president powers to retaliate against trade barriers. "If they're going to charge us 50, we'll charge them 50." The president is unlikely to announce any retaliatory measures until the tariffs are implemented, said a Brazilian diplomat who requested anonymity to describe internal government debates. "We have until August 1," the source said. In a letter to Lula published on Wednesday, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023 after hundreds of pro-Bolsonaro supporters stormed Congress. Trump said Bolsonaro was the victim of a "witch hunt." Lula criticised Bolsonaro for perpetuating claims of legal persecution, stressing the former president's son, Eduardo Bolsonaro, took leave from his role in Congress at least in part to head a campaign in his father's favour in the United States. "The former president of the Republic should take responsibility, because he is agreeing with Trump's taxation of Brazil. In fact, it was his son who went there to influence Trump's mind," Lula said. In a social media post late on Thursday, Bolsonaro said Trump's letter announcing tariffs was received with "a sense of responsibility," adding he respects and admires the US government. Bolsonaro argued the US measure was a reaction to Brazil's distancing from freedom. "This would never have happened under my government," he wrote. The former president also urged the powers to act by presenting measures to restore what he called "institutional normality". Lula said the government will set up a committee with Brazilian business leaders to "rethink" the country's commercial policy with the United States. He mentioned Brazil's new reciprocity law, passed just after Trump made his first tariff announcements in April, that allows the government to respond with reciprocal measures in case other countries impose unilateral barriers to Brazilian products. Beyond imposing counter tariffs, the law would also allow Lula to restrict imports and investments and suspend intellectual property rights from US firms, among other measures. The US is Brazil's second-largest trading partner after China and has a rare trade surplus with Latin America's largest economy. Some market sectors, including aviation and banking, felt immediate pressure. Shares of some Brazilian firms declined on Thursday, with planemaker Embraer and major banks such as Itau Unibanco and Banco Santander posting losses. But the tariffs could inflict pain in the US too, disrupting food prices, given Brazil's role as a major agricultural exporter of coffee, orange juice, sugar, beef, and ethanol. The proposed 50 per cent tariff would effectively halt the flow of Brazilian coffee to the US, its largest buyer, four trade sources told Reuters on Thursday. Brazilian industry lobby groups representing sectors such as coffee and oil issued statements on Thursday, urging a diplomatic solution. "We hope that diplomacy and balanced negotiations will prevail, despite ideologies and personal preferences, and that common sense will once again guide the relationship between these two great sovereign nations," Josue Gomes da Silva, the president of Sao Paulo industry group Fiesp, said in a statement. Brazilian President Luiz Inacio Lula da Silva says he wants to find a diplomatic solution to US President Donald Trump's threat of 50 per cent tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1. "We'll first try to negotiate, but if there's no negotiation, the law of reciprocity will be put into practice," Lula said in an interview with Record TV, citing a law Congress recently passed giving the president powers to retaliate against trade barriers. "If they're going to charge us 50, we'll charge them 50." The president is unlikely to announce any retaliatory measures until the tariffs are implemented, said a Brazilian diplomat who requested anonymity to describe internal government debates. "We have until August 1," the source said. In a letter to Lula published on Wednesday, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023 after hundreds of pro-Bolsonaro supporters stormed Congress. Trump said Bolsonaro was the victim of a "witch hunt." Lula criticised Bolsonaro for perpetuating claims of legal persecution, stressing the former president's son, Eduardo Bolsonaro, took leave from his role in Congress at least in part to head a campaign in his father's favour in the United States. "The former president of the Republic should take responsibility, because he is agreeing with Trump's taxation of Brazil. In fact, it was his son who went there to influence Trump's mind," Lula said. In a social media post late on Thursday, Bolsonaro said Trump's letter announcing tariffs was received with "a sense of responsibility," adding he respects and admires the US government. Bolsonaro argued the US measure was a reaction to Brazil's distancing from freedom. "This would never have happened under my government," he wrote. The former president also urged the powers to act by presenting measures to restore what he called "institutional normality". Lula said the government will set up a committee with Brazilian business leaders to "rethink" the country's commercial policy with the United States. He mentioned Brazil's new reciprocity law, passed just after Trump made his first tariff announcements in April, that allows the government to respond with reciprocal measures in case other countries impose unilateral barriers to Brazilian products. Beyond imposing counter tariffs, the law would also allow Lula to restrict imports and investments and suspend intellectual property rights from US firms, among other measures. The US is Brazil's second-largest trading partner after China and has a rare trade surplus with Latin America's largest economy. Some market sectors, including aviation and banking, felt immediate pressure. Shares of some Brazilian firms declined on Thursday, with planemaker Embraer and major banks such as Itau Unibanco and Banco Santander posting losses. But the tariffs could inflict pain in the US too, disrupting food prices, given Brazil's role as a major agricultural exporter of coffee, orange juice, sugar, beef, and ethanol. The proposed 50 per cent tariff would effectively halt the flow of Brazilian coffee to the US, its largest buyer, four trade sources told Reuters on Thursday. Brazilian industry lobby groups representing sectors such as coffee and oil issued statements on Thursday, urging a diplomatic solution. "We hope that diplomacy and balanced negotiations will prevail, despite ideologies and personal preferences, and that common sense will once again guide the relationship between these two great sovereign nations," Josue Gomes da Silva, the president of Sao Paulo industry group Fiesp, said in a statement. Brazilian President Luiz Inacio Lula da Silva says he wants to find a diplomatic solution to US President Donald Trump's threat of 50 per cent tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1. "We'll first try to negotiate, but if there's no negotiation, the law of reciprocity will be put into practice," Lula said in an interview with Record TV, citing a law Congress recently passed giving the president powers to retaliate against trade barriers. "If they're going to charge us 50, we'll charge them 50." The president is unlikely to announce any retaliatory measures until the tariffs are implemented, said a Brazilian diplomat who requested anonymity to describe internal government debates. "We have until August 1," the source said. In a letter to Lula published on Wednesday, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023 after hundreds of pro-Bolsonaro supporters stormed Congress. Trump said Bolsonaro was the victim of a "witch hunt." Lula criticised Bolsonaro for perpetuating claims of legal persecution, stressing the former president's son, Eduardo Bolsonaro, took leave from his role in Congress at least in part to head a campaign in his father's favour in the United States. "The former president of the Republic should take responsibility, because he is agreeing with Trump's taxation of Brazil. In fact, it was his son who went there to influence Trump's mind," Lula said. In a social media post late on Thursday, Bolsonaro said Trump's letter announcing tariffs was received with "a sense of responsibility," adding he respects and admires the US government. Bolsonaro argued the US measure was a reaction to Brazil's distancing from freedom. "This would never have happened under my government," he wrote. The former president also urged the powers to act by presenting measures to restore what he called "institutional normality". Lula said the government will set up a committee with Brazilian business leaders to "rethink" the country's commercial policy with the United States. He mentioned Brazil's new reciprocity law, passed just after Trump made his first tariff announcements in April, that allows the government to respond with reciprocal measures in case other countries impose unilateral barriers to Brazilian products. Beyond imposing counter tariffs, the law would also allow Lula to restrict imports and investments and suspend intellectual property rights from US firms, among other measures. The US is Brazil's second-largest trading partner after China and has a rare trade surplus with Latin America's largest economy. Some market sectors, including aviation and banking, felt immediate pressure. Shares of some Brazilian firms declined on Thursday, with planemaker Embraer and major banks such as Itau Unibanco and Banco Santander posting losses. But the tariffs could inflict pain in the US too, disrupting food prices, given Brazil's role as a major agricultural exporter of coffee, orange juice, sugar, beef, and ethanol. The proposed 50 per cent tariff would effectively halt the flow of Brazilian coffee to the US, its largest buyer, four trade sources told Reuters on Thursday. Brazilian industry lobby groups representing sectors such as coffee and oil issued statements on Thursday, urging a diplomatic solution. "We hope that diplomacy and balanced negotiations will prevail, despite ideologies and personal preferences, and that common sense will once again guide the relationship between these two great sovereign nations," Josue Gomes da Silva, the president of Sao Paulo industry group Fiesp, said in a statement. Brazilian President Luiz Inacio Lula da Silva says he wants to find a diplomatic solution to US President Donald Trump's threat of 50 per cent tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1. "We'll first try to negotiate, but if there's no negotiation, the law of reciprocity will be put into practice," Lula said in an interview with Record TV, citing a law Congress recently passed giving the president powers to retaliate against trade barriers. "If they're going to charge us 50, we'll charge them 50." The president is unlikely to announce any retaliatory measures until the tariffs are implemented, said a Brazilian diplomat who requested anonymity to describe internal government debates. "We have until August 1," the source said. In a letter to Lula published on Wednesday, Trump linked the tariffs to Brazil's judiciary launching legal proceedings against former President Jair Bolsonaro, who is on trial on charges of plotting a coup to stop Lula from taking office in 2023 after hundreds of pro-Bolsonaro supporters stormed Congress. Trump said Bolsonaro was the victim of a "witch hunt." Lula criticised Bolsonaro for perpetuating claims of legal persecution, stressing the former president's son, Eduardo Bolsonaro, took leave from his role in Congress at least in part to head a campaign in his father's favour in the United States. "The former president of the Republic should take responsibility, because he is agreeing with Trump's taxation of Brazil. In fact, it was his son who went there to influence Trump's mind," Lula said. In a social media post late on Thursday, Bolsonaro said Trump's letter announcing tariffs was received with "a sense of responsibility," adding he respects and admires the US government. Bolsonaro argued the US measure was a reaction to Brazil's distancing from freedom. "This would never have happened under my government," he wrote. The former president also urged the powers to act by presenting measures to restore what he called "institutional normality". Lula said the government will set up a committee with Brazilian business leaders to "rethink" the country's commercial policy with the United States. He mentioned Brazil's new reciprocity law, passed just after Trump made his first tariff announcements in April, that allows the government to respond with reciprocal measures in case other countries impose unilateral barriers to Brazilian products. Beyond imposing counter tariffs, the law would also allow Lula to restrict imports and investments and suspend intellectual property rights from US firms, among other measures. The US is Brazil's second-largest trading partner after China and has a rare trade surplus with Latin America's largest economy. Some market sectors, including aviation and banking, felt immediate pressure. Shares of some Brazilian firms declined on Thursday, with planemaker Embraer and major banks such as Itau Unibanco and Banco Santander posting losses. But the tariffs could inflict pain in the US too, disrupting food prices, given Brazil's role as a major agricultural exporter of coffee, orange juice, sugar, beef, and ethanol. The proposed 50 per cent tariff would effectively halt the flow of Brazilian coffee to the US, its largest buyer, four trade sources told Reuters on Thursday. Brazilian industry lobby groups representing sectors such as coffee and oil issued statements on Thursday, urging a diplomatic solution. "We hope that diplomacy and balanced negotiations will prevail, despite ideologies and personal preferences, and that common sense will once again guide the relationship between these two great sovereign nations," Josue Gomes da Silva, the president of Sao Paulo industry group Fiesp, said in a statement.
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Business Standard
11-07-2025
- Business
- Business Standard
Brazil can survive without US trade, says Lula amid Trump tariff threat
In televised interviews, Lula struck a defiant tone, saying Trump must respect Brazil's sovereignty and cannot act as if he owns other nations Bloomberg By Simone Iglesias and Daniel Carvalho President Luiz Inacio Lula da Silva insisted Brazil can survive without trade with the US and will look to other partners to replace it, a sharp response to Donald Trump after the American leader threatened 50 per cent tariffs against the nation. 'We're going to have to look for other partners to buy our products. Brazil's trade with the US represents 1.7 per cent of its GDP,' Lula said in a broadcast interview with Record TV on Thursday evening. 'It's not like we can't survive without the US.' He made clear that he had no intentions of standing down, saying during an interview on Globo TV that the tariff fight could be 'endless.' The Brazilian also said countries like his are not obliged to continue using the dollar to trade, reiterating remarks he made at last weekend's Brics summit in Rio de Janeiro that he acknowledged 'likely worried Trump.' 'We are interested in creating a trade currency among other countries,' Lula said in the Record interview. 'I'm not obligated to buy dollars to conduct trade with Venezuela, Bolivia, Chile, Sweden, the European Union, or China. We can trade in our own currencies.' Trump on Wednesday said he would impose the tariffs on Brazilian goods in a letter that cited the legal woes of Jair Bolsonaro, the right-wing former president and Lula rival who is facing trial on charges that he attempted a coup following his 2022 election defeat. The US is Brazil's second-largest trading partner, following only China. Bloomberg Economics estimates that a 50 per cent tariff would risk a 1 per cent hit to Brazil's economy. The levies could cause a 60 per cent reduction in total US imports of goods from Brazil, although the South American nation could divert some exports to other markets, the report said. The levies from the US — far higher than the 10 per cent initially announced in April — also followed the meeting of the Brics emerging market nations, where Lula and other leaders criticized tariffs and military strikes on Iran even as they avoided mention of Trump. Despite Lula's remarks on the dollar, the Brics nations again made no significant progress toward a cross-border payments system for trade and investment they've been discussing for a decade. And Lula said Trump had no need to have concerns about the bloc of countries. Trump's citation of the case involving Bolsonaro — he called it a 'Witch Hunt' and demanded its dismissal — angered Lula, who on Wednesday pledged to retaliate and accused the US of attempting to interfere in Brazil's justice system and internal affairs. 'No Reason to Talk' Government ministers argued in public remarks throughout Thursday that there was no economic rationale behind the tariffs, only political motivations that left little room to negotiate given that Lula doesn't have the power to intervene in Bolsonaro's case with the Supreme Court. Lula said Thursday that he would 'have no problem calling Trump,' but that he 'has to have a reason to call' first. 'He could have called Brazil to talk about the measures he's going to take,' he said in the Globo interview. 'It was a total lack of respect, and I don't have to accept that lack of respect. I have nothing to talk about with Trump, he gives no reason to talk.' Instead, Lula said he would seek to talk with business leaders from companies and sectors that would be affected by the tariffs, specifically citing Brazilian planemaker Embraer SA, orange juice producers and steelmakers. Brazil, he said, would attempt to exhaust negotiations ahead of Aug. 1, when the tariffs are set to take effect. But his government won't shy away from retaliating under a new trade reciprocity law approved by Congress this year if talks make no progress. 'We'll try to carry out every possible negotiation process,' Lula said in the Globo interview. 'Brazil prefers to negotiate, prefers dialogue. But once negotiations are exhausted, Brazil will enforce the Reciprocity Law.'
Bloomberg
10-07-2025
- Business
- Bloomberg
Lula Tells Trump Brazil Can Survive Without US Trade
President Luiz Inacio Lula da Silva said Brazil can survive without trade with the US and will look to other partners to replace it, a sharp response to Donald Trump after the American leader threatened 50% tariffs on the South American nation. 'We're going to have to look for other partners to buy our products. Brazil's trade with the US represents 1.7% of its GDP,' Lula said in a broadcast interview with Record TV on Thursday evening. 'It's not like we can't survive without the US.'
