The Brazilian Minister of Finance, Fernando Haddad, met with business leaders from the steel sector to discuss Brazil's response to the 25 percent tariffs imposed by the United States on steel and aluminum. The industry is concerned and is considering a possible response based on reciprocity, according to Haddad.
Haddad explained to journalists that the U.S. measure affects all steel and aluminum exporters globally, although he admitted it will have domestic repercussions in Brazil. The minister noted that conversations are ongoing with U.S. authorities to review the measure for the Brazilian industry.
Brazil is one of the main steel exporters to the United States, shipping around five million tons last year worth nearly 3 billion dollars. Nationally, Trump's tariffs represent a significant blow, especially for the steel industry, but they could have a broader impact on the Brazilian economy.
Haddad emphasized that Brazil has strong arguments to try to overturn the measure, including the trade surplus in favor of the United States and other favorable factors. The Vice President and Minister of Industry and Commerce of Brazil, Geraldo Alckmin, has also been in talks with the U.S. Secretary of Commerce to seek a satisfactory solution for both parties. Dialogue is ongoing and there is a commitment to finding a mutually beneficial solution for both nations.
