Brazil currently faces 50 percent US tariffs on many exports, the highest rate for any country except India. President Luiz Inacio Lula da Silva has indicated his government will not immediately impose retaliatory tariffs and is seeking trade negotiations with US counterpart Donald Trump. Brazil's Chamber of Foreign Commerce (CAMEX) has begun examining potential countermeasures under local law, a process described as time-consuming. The tariffs were imposed on August 1 amid pressure tied to the prosecution and ongoing trial of former president Jair Bolsonaro. Bolsonaro faces multiple legal inquiries and denies wrongdoing; a verdict is expected in early September.
Currently, Brazil faces 50 percent taxes on all its exports to the US, the highest current tariff rate of any country except India. While Brazil has yet to respond in kind, on Thursday, its Chamber of Foreign Commerce (CAMEX) began exploring whether countermeasures would apply under a local law. This is a process that takes a bit of time, Lula said in Friday's interview with Radio Itatiaia.
Bolsonaro, who led Brazil as president from 2019 to 2023, has faced multiple legal inquiries since leaving office, including for allegedly falsifying his COVID-19 vaccine records and using government resources to undermine confidence in the election system. But his greatest legal hurdle is his current trial for allegedly scheming to overturn the results of the 2022 election, which he narrowly lost to Lula.
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