Trade relations between the two countries have soured after US President Donald Trump announced a 50 percent tariff on imports of coffee, meat and petrochemicals from Brazil.
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After the United States announced new tariffs on some of Brazil's exports, the Brazilian government expressed deep concern about it. He also said that he is preparing to appeal to the World Trade Organization (WTO) for the solution of this problem.
Trade relations between the two countries have soured after US President Donald Trump announced a 50 percent tariff on coffee, meat and petrochemicals imported from Brazil.
Trump's announcement is said to be effective from next Wednesday. The decision is estimated to affect about 35 percent of Brazil's U.S. exports. However, some important items such as energy materials and certain minerals are kept separate from it.
In this regard, the Brazilian Foreign Trade Chamber has already passed a resolution to initiate the preliminary consultation process with the WTO. The proposal has been submitted to President Luiz Inacio Lula da Silva, who will make the final decision on when and how to proceed with the complaint. Vice President Geraldo Alcmin informed that the Brazilian government is trying to minimize the possible effects of the customs duty. He said that after discussing with the stakeholders of the agricultural sector, the necessary strategy is being decided.
Finance Minister Fernando Hadad mentioned that Brazil is always in favor of negotiations and said that it is "willing to cooperate on an equal basis". He termed the tariff increase as "excessive" and "unreasonable" and indicated that the possibility of positive cooperation is still open. He also said that opportunities for mutual cooperation can be identified, especially in areas such as rare minerals, technology and data infrastructure.
It has also been informed that the government is preparing to announce a special support package in the future to provide relief to the affected industries. This will include measures such as loan assistance. However, the Ministry of Finance has clarified that even though this may have some impact on the budget, it will be managed within the existing financial discipline.
In this news, it has been corrected as ' WHO' should have been 'WTO' earlier. -Editor
