Brazilian President Luiz Inacio Lula da Silva said his country would respond to a newly announced 50% tariff rate on its exports to the United States with reciprocity. Lula cited a recently adopted Brazilian law that authorizes his government to take proportional countermeasures in response to unilateral economic measures taken by other countries. U.S. President Donald Trump said the U.S. will impose the massive tariff on imports from Brazil starting Aug. 1. Trump said the rate is partly in retaliation for the ongoing prosecution of the country’s former president, Jair Bolsonaro, and partly to correct what he called the “unfair trade relationship” between the two countries.
Brazilian President Luiz Inacio Lula da Silva said Wednesday that his country will respond with reciprocity to U.S. President Donald Trump‘s newly announced 50% tariff rate