Lula says Brazil will emerge stronger despite new US tariffs
Brazilian President Luiz Inacio Lula da Silva said on Wednesday that the country's economy would continue to grow despite new US tariffs, expressing confidence that Brazil would emerge stronger from the trade dispute.
Speaking at an event in Brasilia, Lula signed a measure opening R$18.5 billion (about $3.65 billion) in credit under the third phase of the Brasil Soberano programme to support companies affected by the tariffs.
"We are demonstrating with this Sovereign Brazil III that there is no crisis that prevents Brazil from continuing its path, from continuing with a growing economy ... We are going to finish the term growing by almost 3 percent in the three years of government," Lula said.
He criticised Washington for imposing the tariffs without consultation, arguing that countries were increasingly diversifying their trading partners and currencies.
"The abrupt decision of the US government to think that by applying the tariffs it applied without informing anyone, without speaking to anyone, the world was going to collapse," he said.
Lula added that the dispute had helped accelerate trade negotiations with other partners, including the conclusion of the long-delayed Mercosur-European Union agreement. "We have the conditions to emerge stronger from this crisis," he said, adding that Brazil was also pursuing new trade opportunities with other countries.
The additional 25 percent US tariffs on Brazilian imports took effect on Wednesday, with some products exempted.
This story is written and edited by the Global South World team, you can contact us here.
