SAO PAULO, July 27 (Reuters) – Brazil’s Finance Minister Dario Durigan said on Monday that U.S. tariffs on several goods from his country amount to “external interference” and predicted the dispute would be resolved after October’s presidential election.
Durigan said he plans to seek an encounter with U.S. Treasury Secretary Scott Bessent on the sidelines of G20 meetings next month to press Brazil’s case against the tariffs.
“The U.S. tariffs are a complete absurdity,” Durigan said in an interview with Radio Jornal. “But we are not leaving the negotiating table.”
Washington imposed a 25% tariff on several Brazilian products this month, citing what it described as unfair trade practices. Last week, it announced an additional 12.5% levy linked to concerns over forced labor.
Brazil estimates the new measures will affect 23.1% of its exports, of which 16.5% will face combined duties of 37.5%.
Durigan linked the dispute to Brazil’s election environment, accusing members of the right-wing opposition led by Senator Flavio Bolsonaro — who will challenge Lula in the October vote — of seeking foreign support.
He cited contacts between Bolsonaro and foreign politicians, including Argentine President Javier Milei and U.S. officials.
Senator Bolsonaro earlier this month argued to the U.S. Trade Representative against the tariffs on Brazilian goods, looking to distance himself from a policy that had been used as a cudgel to defend his father, former President Jair Bolsonaro.
“I think after the election this gets resolved, one way or another,” Durigan said, adding that Brazil should deepen trade ties with other partners while continuing talks with Washington.
Separately, Durigan dismissed talk that Brazil could slip into recession next year, saying high interest rates would slow economic growth but not cause an economic contraction.
The government’s projection remains for economic growth of more than 2% next year, he noted, although economists polled by the central bank expect expansion closer to 1.5%.
(Reporting by Gabriel Araujo; Editing by Andrea Ricci)
Comments