Brazil: Deal with the U.S. may not be reached by August 1

In an interview with CBN radio, Finance Minister Haddad stated that Brazil—Latin America’s largest economy—is still waiting for an official response from Washington to the trade proposals it submitted in May. “It’s possible,” Haddad noted, referring to a potential compromise with the U.S., but emphasized that the process remains uncertain.

Haddad noted that Brazil has contingency plans ready in case the U.S. proceeds with implementing the tariffs. He stated that the country has the capacity to redirect more than half of its current exports to the U.S. to alternative markets, though he cautioned that such a shift would take time.

The United States is one of the main buyers of several key Brazilian exports, including oil, steel products, coffee, aircraft, and orange juice.