Brazil acknowledges possibility of no US trade deal by August 1

Source: Reuters

Brazil acknowledges possibility of no US trade deal by August 1

Reuters
Mon, July 21, 2025 at 7:58 AM EDT·2 min read

SAO PAULO (Reuters) -Brazil's finance minister said on Monday his country would not give up negotiating with the U.S. but acknowledged that a trade deal may fail to be reached by August 1, when President Donald Trump's 50% tariffs on Brazilian goods are due to take effect.

"That could happen," Fernando Haddad told radio station CBN in an interview, saying Latin America's largest economy was still awaiting a response from Washington on trade proposals initially submitted in May.

Trump announced the steep tariffs earlier this month, citing what he called a "witch hunt" against former Brazilian president Jair Bolsonaro, who is on trial on charges of plotting a coup, and trade practices he said were unfair.

Haddad said Brazil had contingency plans to deal with any potential tariffs, and could ultimately redirect more than half its current U.S. exports to other markets.

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