“Statistics from the US government itself show a surplus of $410 billion in the trade of goods and services with Brazil over the past 15 years,” Lula hit back with facts.
Brazil warned that any unilateral tariff hikes will be met under its Economic Reciprocity Law — signaling that retaliation is on the table.
Brazil will introduce mirror duties on US goods from August 1, if the US leadership does not cancel the previously announced 50% tariffs on Brazilian products by that date. This was announced by the leader of the South American republic, Luiz Inacio Lula da Silva.
"If there is no decision [from the US to cancel the duties], we will move to the principle of reciprocity from August 1," the head of state said in an interview with the local newspaper Jornal Nacional.