Latest news with #Haddad
Yahoo
5 hours ago
- Business
- Yahoo
Brazil is planning relief measures for firms hit by US tariffs, says minister
BRASILIA (Reuters) -Brazil is planning relief measures for companies impacted heavily by steeper U.S. tariffs set to take effect in August, Finance Minister Fernando Haddad said on Tuesday. Speaking to CNN Brasil, Haddad said the plan, which will be reviewed by President Luiz Inacio Lula da Silva, includes steps to ensure companies have the confidence to maintain their investments. He denied, however, that the plan includes tax exemptions for the affected companies. Earlier on Tuesday, Ports and Airports Minister Silvio Costa Filho said the government would support planemaker Embraer, citing a potential additional credit line for the company. Crude oil, coffee, orange juice, beef, and aircraft - mainly from Embraer - are among Brazil's top exports to the United States. Haddad said the government still lacks clarity on what exactly will come from the U.S. starting on August 1, the date U.S. President Donald Trump has set to hike tariffs on Brazilian imports to the U.S. to 50% from the current 10%. The minister said Brazil could see a positive surprise in food inflation due to the tariffs' impact on sectors such as beef and fruit, noting that domestic prices appear to be falling as a result of increased supply in the local market. Haddad also said Latin America's largest economy cannot make the "symmetrical mistake" of retaliating in the same areas targeted by the U.S. tariffs, which he said would amount to responding in kind and ultimately punishing Brazilian consumers. "I cannot anticipate decisions that have not been made," he said, when asked whether taxing big tech companies was among the retaliation measures under consideration. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 hours ago
- Business
- Reuters
Brazil is planning relief measures for firms hit by US tariffs, says minister
BRASILIA, July 29 (Reuters) - Brazil is planning relief measures for companies impacted heavily by steeper U.S. tariffs set to take effect in August, Finance Minister Fernando Haddad said on Tuesday. Speaking to CNN Brasil, Haddad said the plan, which will be reviewed by President Luiz Inacio Lula da Silva, includes steps to ensure companies have the confidence to maintain their investments. He denied, however, that the plan includes tax exemptions for the affected companies. Earlier on Tuesday, Ports and Airports Minister Silvio Costa Filho said the government would support planemaker Embraer ( opens new tab, citing a potential additional credit line for the company. Crude oil, coffee, orange juice, beef, and aircraft - mainly from Embraer - are among Brazil's top exports to the United States. Haddad said the government still lacks clarity on what exactly will come from the U.S. starting on August 1, the date U.S. President Donald Trump has set to hike tariffs on Brazilian imports to the U.S. to 50% from the current 10%. The minister said Brazil could see a positive surprise in food inflation due to the tariffs' impact on sectors such as beef and fruit, noting that domestic prices appear to be falling as a result of increased supply in the local market. Haddad also said Latin America's largest economy cannot make the "symmetrical mistake" of retaliating in the same areas targeted by the U.S. tariffs, which he said would amount to responding in kind and ultimately punishing Brazilian consumers. "I cannot anticipate decisions that have not been made," he said, when asked whether taxing big tech companies was among the retaliation measures under consideration.
Business Recorder
2 days ago
- Business
- Business Recorder
French minister says EU-US trade deal has merits but is also unbalanced
PARIS: France's European Affairs Minister Benjamin Haddad said on Monday that a framework trade deal between the United States and European Union had some merits - such as exemptions for some key French business sectors such as spirits - but was unbalanced. 'The trade agreement negotiated by the European Commission with the United States will bring temporary stability to economic actors threatened by the escalation of American tariffs, but it is unbalanced,' wrote Haddad on X.
Straits Times
5 days ago
- Business
- Straits Times
Brazil to present Lula with credit-based response to US tariff hike, finance minister says
Find out what's new on ST website and app. BRASILIA - Brazilian Finance Minister Fernando Haddad said on Thursday a contingency plan in response to higher U.S. tariffs will be presented to President Luiz Inacio Lula da Silva from Monday and will include a menu of measures, including credit lines. In an interview with local radio station Itatiaia, Haddad said as many as 10,000 Brazilian companies could be affected by the increase in levies on Brazilian goods to 50% from 10%, set to take effect on August 1. The minister stressed that Brazil remains open to dialogue but suggested that U.S. President Donald Trump is unwilling to engage in negotiations. He said political forces aligned with former Brazilian President Jair Bolsonaro are working to prevent talks from being initiated. A far-right ally of Trump, Bolsonaro is accused of plotting a coup to overturn his narrow 2022 election loss to Lula. Trump has denounced the case as a "witch hunt" and urged Brazil's judiciary to drop the charges, including in a letter announcing the steeper tariffs on Brazil. Congressman Eduardo Bolsonaro, the former president's son, is living in the U.S. and has made social media posts about his meetings with Trump allies. Without naming the younger Bolsonaro, Haddad said he believes those ties, along with opposition to Brazil's widely used instant payment system Pix, were factors behind the U.S. decision. Top stories Swipe. Select. Stay informed. Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Asia Singapore urges all parties in Thailand-Cambodia border dispute to exercise restraint Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 Singapore Avoid water activities around Tuas Second Link, Raffles Marina after chemical tank accident: NEA Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore Mindef to set up new volunteer management unit to grow volunteer pool Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B Earlier on Thursday, Lula said at a public event that the U.S. government was "afraid" of Pix because it threatens credit cards. The system was listed among unfair trade practices in a recent U.S. investigation. Haddad said Pix undermines those profiting from financial intermediation and represents a valuable homegrown Brazilian technology. REUTERS
Reuters
5 days ago
- Business
- Reuters
Brazil to present Lula with credit-based response to US tariff hike, finance minister says
BRASILIA, July 24 (Reuters) - Brazilian Finance Minister Fernando Haddad said on Thursday a contingency plan in response to higher U.S. tariffs will be presented to President Luiz Inacio Lula da Silva from Monday and will include a menu of measures, including credit lines. In an interview with local radio station Itatiaia, Haddad said as many as 10,000 Brazilian companies could be affected by the increase in levies on Brazilian goods to 50% from 10%, set to take effect on August 1. The minister stressed that Brazil remains open to dialogue but suggested that U.S. President Donald Trump is unwilling to engage in negotiations. He said political forces aligned with former Brazilian President Jair Bolsonaro are working to prevent talks from being initiated. A far-right ally of Trump, Bolsonaro is accused of plotting a coup to overturn his narrow 2022 election loss to Lula. Trump has denounced the case as a "witch hunt" and urged Brazil's judiciary to drop the charges, including in a letter announcing the steeper tariffs on Brazil. Congressman Eduardo Bolsonaro, the former president's son, is living in the U.S. and has made social media posts about his meetings with Trump allies. Without naming the younger Bolsonaro, Haddad said he believes those ties, along with opposition to Brazil's widely used instant payment system Pix, were factors behind the U.S. decision. Earlier on Thursday, Lula said at a public event that the U.S. government was "afraid" of Pix because it threatens credit cards. The system was listed among unfair trade practices in a recent U.S. investigation. Haddad said Pix undermines those profiting from financial intermediation and represents a valuable homegrown Brazilian technology.
