Brasília - Saba:
Brazil’s Minister of Agriculture, Carlos Favaro, announced Thursday evening that the country intends to expand its markets and reduce trade barriers with other nations following U.S. President Donald Trump's announcement of a 50% tariff on imports from the largest economy in South America.
In a statement, the Brazilian minister said he would reach out to key markets in the Middle East, South Asia, and the Southern Hemisphere to establish alternative destinations for Brazil’s exports.
Fávaro added that he would also take several proactive measures to create new opportunities for the agricultural sector.
These remarks came after the U.S. President announced Wednesday evening that a 50% tariff on Brazilian imports would take effect on August 1.
Trump stated that the move was partly in response to the ongoing trial of former Brazilian President Jair Bolsonaro and also due to what he described as a “highly unfair trade relationship” with Brazil, calling it “far from reciprocal treatment.”
In response, Brazilian President Luiz Inácio Lula da Silva later stated that Brazil would retaliate by imposing a similar 50% tariff on imports from the United States, in accordance with the economic reciprocity principle.
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