Key facts
- Brazil's Finance Minister Dario Durigan described U.S. tariffs on Brazilian goods as "external interference."
- Durigan plans to meet with U.S. Treasury Secretary Scott Bessent to press Brazil's case against the tariffs.
- The U.S. has imposed a 25% tariff on several Brazilian products, with an additional 12.5% levy announced.
- Brazil estimates these new measures will affect 23.1% of its exports.
- Durigan expects the tariff dispute to be resolved after Brazil's October presidential election.
Brazil's Finance Minister Dario Durigan has labeled U.S. tariffs on several Brazilian goods as "external interference" and expressed confidence that the trade dispute will be resolved after the country's presidential election in October. Durigan plans to seek a meeting with U.S. Treasury Secretary Scott Bessent on the sidelines of upcoming G20 meetings to advocate for Brazil's position.
Washington imposed a 25% tariff on various Brazilian products, citing unfair trade practices, and subsequently added a 12.5% levy due to concerns over forced labor. Brazil estimates these measures will impact 23.1% of its exports, with a portion facing combined duties of 37.5%. Durigan suggested that elements within Brazil's political opposition, including Senator Flavio Bolsonaro, are seeking foreign support amidst the election environment.
Senator Bolsonaro had previously engaged with the U.S. Trade Representative to oppose the tariffs. Durigan indicated that Brazil will continue to deepen trade ties with other partners while maintaining dialogue with the U.S. Separately, Durigan dismissed recession fears for Brazil next year, projecting economic growth exceeding 2%, despite economists anticipating closer to 1.5% expansion.