Poin Utama
- If the US imposes additional customs duties on Brazilian products, Brazil is considering activating the Reciprocity Law.
- The Office of the US Trade Representative (USTR) is threatening tariffs of up to 37.5 percent on the grounds of Brazil's trade practices and labor violations.
- While continuing negotiations, the Brazilian government is preparing support measures for domestic firms that will be affected.
- The reactivation of the Reciprocity Law depends on the approval of President Lula.
Dalam Angka
Brazilian Treasury Secretary Dario Durigan announced that the Reciprocity Law process could be restarted if the US officially approves new customs tariffs on Brazilian products. This law allows for equivalent measures to be taken against countries that impose unilateral trade barriers on Brazil. However, for such a step to be taken, the approval of President Lula da Silva is required.
The process regarding the US decision will end on Wednesday, July 15, and the Brazilian government is waiting for the official announcement. Durigan emphasized that a possible response will be calibrated cautiously and that no hasty step will be taken until the affected sectors are clarified. Additionally, the Ministry of Commerce continues its discussions with American officials to prevent the trade dispute from escalating.
To mitigate the negative impacts of the trade war on the Brazilian economy, the government may also prepare support packages for affected exporters. Issuing a new Decree-Law similar to the "Sovereign Brazil" program, previously created to compensate for damages, is among the options on the table.
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Pertanyaan Umum
- What is the Reciprocity Law mentioned by Brazil?
- This is a regulation that allows Brazil to take equivalent retaliatory measures against countries that impose unilateral trade barriers on Brazilian products.
- At what rates does the US plan to tax Brazilian products?
- The US plans a 25 percent tax on the grounds of trade practices and an additional 12.5 percent tax on the grounds of labor violations; the total tax rate on some products could reach 37.5 percent.
- What other measures will the Brazilian government take if the tariffs are finalized?
- Brazil will assess mitigating the economic impacts by issuing a new Decree-Law similar to the "Sovereign Brazil" program to support affected companies.
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