Overview

• Brazil Finance Minister Fernando Haddad said his virtual meeting with US Treasury Secretary Scott Bessent, initially planned for this week, was canceled with no new date set.
• The US imposed 50% tariffs earlier this month on major Brazilian exports, linking the duties to legal actions against former President Jair Bolsonaro.
• Haddad announced a forthcoming executive order that will include reforms to Brazil’s export guarantee fund, targeted credit lines and support for government procurement.
• With direct negotiations stalled, Brazil is intensifying efforts to diversify markets in Southeast Asia and revive Mercosur-EU trade discussions.
• The finance minister accused far-right lobbyists in Washington, including Bolsonaro allies, of blocking the talks, an allegation the parties named have denied.