Brazil’s Finance Minister, Fernando Haddad, announced on Wednesday that the country will not immediately retaliate against the US tariffs on steel and aluminum imports. Instead, opting instead to seek negotiations.
Recall that the US tariffs, imposed by President Donald Trump, aim to reorder global trade in favor of the US.
While Canada and Europe have retaliated swiftly.
Truth live reports that Brazil, one of the largest sources of US steel imports, has chosen a more diplomatic approach.
President Luiz Inácio Lula da Silva initially considered filing a complaint with the World Trade Organization or taxing US products.
The south American country leader, however, has now instructed his economic team to seek dialogue with Trump’s administration.
Minister Haddad said that Brazil has successfully negotiated under unfavorable conditions in the past.
“President Lula told us to remain calm, noting that in the past, we have negotiated under conditions that were even more favourable than the current ones,” the minister said.
Vice President Geraldo Alckmin also held a positive discussion with US Commerce Secretary Howard Lutnick on US tariff policy, agreeing to continue dialogue between the two governments.