Lula Creates Economic Response Committee After U.S. Tariff Move
(MENAFN) In response to the United States' abrupt tariff hike, Brazilian President Luiz Inacio Lula da Silva on Monday announced the creation of a high-level interministerial committee to formulate economic and trade retaliation measures aimed at shielding Brazil's economy.
This urgent action follows U.S. President Donald Trump’s declaration of a 50% tariff on all Brazilian imports, set to take effect on August 1.
Established by presidential decree under Brazil’s economic reciprocity law, the committee will be led by Vice President Geraldo Alckmin, who also serves as the Minister of Development, Industry, Trade, and Services.
The committee's inaugural session is scheduled for Tuesday and will include participation from key figures within the industrial sector.
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