SAO PAULO, July 17 (Reuters) – Brazil Finance Minister Dario Durigan said on Friday there were no grounds for discussing retaliation against Washington’s latest tariffs, promising instead to carefully evaluate reciprocal measures before their implementation.
U.S. President Donald Trump’s administration announced a 25% tariff on many Brazilian products on Wednesday in response to what it described as Brazil’s unfair trade practices.
“There are no grounds for talking about retaliation against the United States over the tariffs. What we are discussing is evaluating reciprocal measures,” Durigan told reporters.
He added that the government would review the needs of affected sectors before announcing any measures.
Addressing concerns about measures that could boost public spending, Durigan said the government would act cautiously to ensure they do not jeopardize Brazil’s fiscal trajectory.
“We will ensure compliance with our fiscal targets and deliver a solid macroeconomic outcome for the country as a whole, while recognizing that some specific sectors require attention,” he said.
Durigan added that Brazil would continue negotiations with the United States and other partners.
Reuters reported on Thursday citing sources that Brazil’s response to Washington’s tariff could come in the form of curbs on U.S. audiovisual companies and the suspension of pharmaceutical and agricultural patents.
(Reporting by Isabel Teles and Camila Moreira; Editing by Brendan O’Boyle)
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