Brazilian President Luiz Inacio Lula da Silva on Wednesday unveiled a relief package that will make 30 billion reais ($5.6 billion) in subsidised credit available to companies whose exports to the United States have been hurt by a sharp increase in tariffs ordered by President Donald Trump earlier this month. The measure, enacted via a provisional decree, shifts funds from a pool managed by state development bank BNDES and offers low-cost loans, export insurance and federal purchases of affected goods. Priority will go to small and medium-sized firms and producers of perishable food; recipients must commit to maintaining jobs, officials said. Washington raised duties on many Brazilian products to 50% from 10% on 6 August, exempting items such as orange juice and aircraft. Brasília estimates the move hits 36% of its exports to the United States—about $14.5 billion in 2024—particularly coffee, beef, textiles and sugar. Brazil has filed a complaint at the World Trade Organization, and Lula signalled the credit line could be expanded as talks with the United States continue.
Brazil’s government on Wednesday rolled out a long-awaited relief package including 30 billion reais ($5.6 billion) in credit to support local companies hit by US President Donald Trump’s trade tariffs https://t.co/YzJYpBGAOU
Lula anuncia plano de socorro a empresas afetadas por tarifaço de Trump; principal ação é uma linha de crédito de até R$ 30 bilhões para empresas que comprovarem perdas com a taxação americana https://t.co/vUExIRbcEU
Brazil will provide 30 billion reais in credit through a fund managed by development bank BNDES to support exporters affected by increased U.S. tariffs, according to an official statement.