Brazilian President: Will Negotiate Tariffs with the US, Will Retaliate in Kind if Talks Fail

According to a report by Jinse Finance, citing CCTV News, after the United States announced it would impose a 50% tariff on Brazilian goods starting August 1, Brazilian President Lula stated in an interview on July 10 local time that Brazil will enter into tariff negotiations with the United States and, if unsuccessful, will implement reciprocal countermeasures. Lula said that Brazil will prioritize tariff negotiations and file a lawsuit with the World Trade Organization regarding the U.S. unilateral tariff increase. He emphasized that if negotiations fail, Brazil will, in accordance with the country's Economic Reciprocity Law, take reciprocal countermeasures by imposing a 50% tariff on Brazilian products exported to the United States.