Trump slapped a range of Brazilian goods with his highest category of tariff on August 6 to punish Latin America’s biggest economy over what he called its “witch hunt” against his ally, former far-right president Jair Bolsonaro, according to a report by AFP as cited by other media.
Bolsonaro is on trial for coup plotting over his alleged bid to prevent his successor, leftist President Luiz Inacio Lula da Silva from taking office following his victory over Bolsonaro in October 2022 elections.
A verdict in the trial is expected next week.
Brazil’s exports to the United States came to US$2.76 billion in August, down from US$3.39 billion a year earlier, Commerce Ministry statistics showed.
Brazil’s total exports rose marginally in August nonetheless, buoyed by increased flows to China, Argentina and Mexico.
Trump has repeatedly lashed out at US trading partners that run up large trade surpluses with the United States.
Brazil, however, has imported more from the United States than it exports to the world’s biggest economy for the past 16 years straight.
Its trade deficit with Washington came to US$1.23 billion in August.
Among the Brazilian exports worst hit by the tariffs in August were sugar, down 88.4 per cent, and fresh beef, down 46.2 per cent.
Around 700 products have been exempted from the tariffs.
MNA/PR
Your Comment