Aug 4, 07:17 PM

Brazil Sets 6 Aug. Tariff Response, Haddad Presses Talks With U.S.

Brazil will unveil its counter-measures to recent U.S. import duties on 6 August, the Labor Ministry said, marking the first formal retaliation since Washington imposed steep levies on Brazilian goods earlier this year. Finance Minister Fernando Haddad told reporters he expects to speak with U.S. Treasury Secretary Deborah Bessent this week and will "stay at the negotiating table" until a compromise is reached. Haddad characterised the U.S. tariffs as driven by “political reasons” but added that Brasília is not working to a fixed deadline for an accord. While preparing the tariff response, Haddad signalled openness to deeper bilateral cooperation, saying Brazil could partner with the United States to manufacture higher-efficiency batteries using the country’s reserves of critical minerals and rare earths. He stressed that Brazil wants capital inflows from the United States alongside existing investment from China and the European Union, arguing the economy is “too big to be a satellite of any bloc.” The minister said staple exports such as beef and coffee could be redirected to alternative markets if necessary, and that a contingency plan already in place should limit the macro-economic impact of higher U.S. duties. With domestic inflation easing, Haddad also predicted Brazilian interest rates would begin to decline soon.

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Brazil Sets 6 Aug. Tariff Response, Haddad Presses Talks With U.S.

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