Brazil to Evaluate Trade Actions Following US Steel and Aluminum Tariffs

Brazil will assess potential trade actions in response to the U.S. tariffs on steel and aluminum imports, but immediate retaliatory measures are not planned. According to a joint statement from the Ministries of Foreign Affairs and Development, Industry, Trade and Services, the Brazilian government regrets the tariffs imposed by the U.S., deeming them "unjustifiable and misguided." The ministries stated they would evaluate all possible trade actions to counter the harmful effects and defend national interests, including at the World Trade Organization. Finance Minister Fernando Haddad emphasized that President Lula has called for a calm analysis of the situation. A meeting between Brazilian and U.S. representatives is scheduled to discuss the issue. The Instituto Aço Brasil hopes to negotiate with U.S. authorities to maintain the quota system for Brazilian steel exports. The tariffs, which went into effect, impose a 25% duty on steel and aluminum imports to the U.S. Brazil is the second-largest steel exporter to the U.S., after Canada. The Brazilian government had requested a delay in applying the tariff and seeks to maintain current export quotas without tariffs for steel.