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Brazil launches package of measures to back exporters affected by US tariffs
(MENAFN) Brazil introduced a set of measures on Wednesday to assist exporters impacted by the 50 percent tariffs imposed by the U.S. government.
The initiative, named Sovereign Brazil, allocates 30 billion reais (around 5.562 billion U.S. dollars) through affordable loans, tax breaks, and other support, focusing on small businesses and exporters of perishable goods. It also streamlines public procurement for affected rural and agro-industrial sectors, modernizes the export guarantee system, and reinstates a tax refund program along the production chain.
Speaking at the announcement, President Luiz Inacio Lula da Silva criticized the U.S. rationale for the tariffs. “Crises exist so that we can create new things. The unpleasant part is that there are no justified reasons for imposing tariffs on Brazil,” he said.
The initiative, named Sovereign Brazil, allocates 30 billion reais (around 5.562 billion U.S. dollars) through affordable loans, tax breaks, and other support, focusing on small businesses and exporters of perishable goods. It also streamlines public procurement for affected rural and agro-industrial sectors, modernizes the export guarantee system, and reinstates a tax refund program along the production chain.
Speaking at the announcement, President Luiz Inacio Lula da Silva criticized the U.S. rationale for the tariffs. “Crises exist so that we can create new things. The unpleasant part is that there are no justified reasons for imposing tariffs on Brazil,” he said.
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