Brazil Prioritizes Economic Aid to Counter 50% US Tariffs Impact
A worker waits to unload containers at the Sepetiba Tecon terminal inside the Port of Itaguai in Rio de Janeiro.
Photographer: Dado Galdieri/BloombergBrazil President Luiz Inacio Lula da Silva will meet with Vice President Geraldo Alckmin at 5pm in Brasilia to discuss a raft of measures to support for sectors hit by the 50% tariffs from the US, newspaper Estado of Sao Paulo reported. That contingency plan will take priority in Congress, Hugo Motta, the speaker of the lower house, told CNN Brasil. Similarly, Senate President Davi Alcolumbre has signaled that his chamber will fast track the measures. The idea is that they will be approved this month and take effect in September.
While it finalizes the measures, the government is betting on upcoming conversations with US Treasury Secretary Scott Bessent, who it views as one of the only people capable of convincing President Donald Trump to reverse the import-tax hike, according to newspaper Valor Economico. Bessent and Finance Minister Fernando Haddad are scheduled to speak on Wednesday.