São Paulo, Aug 12 (H.S.) – Brazil’s Finance Minister Fernando Haddad announced on Monday that his scheduled virtual meeting with U.S. Treasury Secretary Scott Bessent has been cancelled. The meeting, planned for Wednesday, was intended to address the 50% tariffs imposed by U.S. President Donald Trump’s administration on several Brazilian products.
Speaking to GloboNews TV, Haddad said no new date has been set for the talks, even though Brazil had requested a rescheduling. He expressed disappointment that Brazil did not even get “a seat at the table” to negotiate on the tariffs. He also criticised certain “pseudo-Brazilian” lobbyists in Washington, accusing them of working against their own country.
The tariff hike has been linked by the Trump administration to ongoing legal proceedings against Brazil’s former president, Jair Bolsonaro, and his right-wing allies over alleged attempts to stage a coup following his 2022 election defeat. Bolsonaro’s son, Congressman Eduardo Bolsonaro, has been living in the U.S. since March and lobbying for sanctions against those responsible for the alleged plot.
Haddad stressed that Brazil must seek more aggressive trade opportunities in other markets, especially in Southeast Asia, and called for swift progress on the Mercosur–European Union trade deal.
According to the finance minister, the government will soon issue an executive order outlining measures to offset the impact of U.S. tariffs. This package will include structural reforms to the export guarantee mechanism via the Export Guarantee Fund (FGE), targeted government procurement, and loan initiatives. The multi-pronged response will be designed to assist around 10,000 affected companies, as no single measure can fully address the problem.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment