Brazilian President Luiz Inacio Lula da Silva has authorized the start of a process to retaliate against the 50% U.S. tariffs, according to Brazil’s Vice President Geraldo Alckmin. Bloomberg reports the U.S. government was formally notified of the decision on Friday, according to a person familiar with the matter. The move was reported earlier by the O Estado de S. Paulo newspaper.
Brazil’s Chamber of Foreign Trade now has up to 30 days to analyze the U.S. tariffs and determine whether they fall under the reciprocity law passed by Brazil’s congress earlier this year. If the chamber approves, a group of ministries will study which countermeasures to apply.
