Brazilian president signs decree in response to US tariffs

Last week, U.S. President Donald Trump announced plans to impose a 50% tariff on goods produced in Brazil. He revealed the plan in a letter about tariffs, which was shared on social media.

As reported by Caliber.Az, in a retaliatory move, Brazilian President Luiz Inácio Lula da Silva signed a decree enacting the Law of Economic Reciprocity.

The new decree outlines the conditions and procedures under which the Brazilian government can respond to unilateral measures taken by countries or economic blocs that negatively affect Brazil's international competitiveness.

Brazilian media noted that the law had been approved back in April, but Lula da Silva enacted it less than a week after President Trump announced the 50% tariff on Brazilian goods, set to take effect on August 1.

The text of the law describes the criteria for suspending trade concessions, investments, and obligations related to intellectual property rights.

By Vugar Khalilov