(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, July 10 (KUNA) -- Brazilian President Luiz Inacio Lula da Silva warned on Thursday that his country may "respond in kind" to new US tariffs imposed by President Donald Trump on Brazilian imports, which are set to take effect on August 1.
In an official statement, Lula stressed that "Brazil will not allow itself to be disrespected by any party, and any unilateral tariff increases will be met with reciprocal action, as permitted under Brazilian economic law."
President Trump announced on Wednesday a 50 percent tariff on Brazilian products entering the US starting next month, which Lula rejected, denying claims of a US trade deficit with Brazil.
He cited official US government data indicating a USD 410 billion trade surplus with Brazil over the past 15 years, challenging claims of imbalance and underscoring the strength of bilateral economic relations during that period.
President Trump signed a "historic" executive order in April, authorizing reciprocal tariffs based on fair treatment, but clarified that such tariffs would differ by country and not be uniformly applied in all trade scenarios.
On April 9, Trump announced a 90-day suspension of most tariffs, excluding China, the US's second-largest trading partner, while the ongoing tariff policy continued to raise economic concerns over rising prices and direct consumer impact. (end)
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