Brazil Plans to Counteract U.S. Steep Tariff Increase
(MENAFN) Brazil is preparing to counteract the sharp tariff increase recently imposed by the United States through a contingency strategy and will formally challenge the move at the World Trade Organization (WTO), President Luiz Inacio Lula da Silva declared on Tuesday.
Speaking at the Council for Sustainable Economic and Social Development in Brasilia, Lula described the U.S. tariff adjustment as "unjust" and emphasized Brazil’s growing stature on the global stage.
"The government's commitment is to the Brazilian people. We will implement a contingency plan to mitigate this unjust attack, and alleviate its economic and social damage," Lula said.
He assured business leaders, union representatives, agricultural stakeholders, and civil society members that "We will protect Brazilian workers and companies affected by these measures and will resort to all available mechanisms, including the World Trade Organization, to defend our interests."
The president confirmed that diplomatic negotiations with U.S. officials have been ongoing since March, as Brazil continues to seek a resolution.
Brazil plans to make its formal response public on August 18, when its foreign ministry will submit a formal complaint to the WTO to contest the U.S. tariff action.
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