Haddad says Trump’s tariff is ‘misunderstanding’ and is not justified

We have to seek understanding, imagine that someone with judgment will appear and do what is right, what is sitting at the table, weigh the arguments, if you have any distortion to have the opening to correct, not only Brazil, and seek the way to cooperate as Brazil does with the whole world
Fernando Haddad, Finance Minister

Working group will analyze the law of reciprocity. Group will be formed with the condition of the vice president, Geraldo Alckmin, and should meet in the coming days, according to Haddad. The legislation, approved by the National Congress, authorizes limiting imports of goods and services, suspend commercial concessions and investments, and suspend obligations regarding intellectual property rights. “There are many non -tariff measures that can be taken, and do not impact inflation,” he said.

Finance Minister also blamed “far right” for taxation. “Given the evidence, including public, that (the group) was involved in an attack on Brazil, which she try to correct the damage she did,” he said. “We cannot mix ideology with economics, and even less align sectors of society against national sovereignty,” he added.

Trump yesterday decided to raise Brazilian products by 50% despite the US commercial surplus and the historic business relationship between the two countries. While the main product exported to the US market is raw oil, followed by iron and steel, the US exports to Brazil mainly engines, machines and fuels, sectors that can be affected by tariff.