US Tariff Game is still making news, and Brazil is the new addition in the game. In his latest move, US President Donald Trump has now imposed a whopping 50% tariff on Brazil – potentially launching a trade war with Latin America’s biggest economy. This new announcement by US president means that Brazil will face one of the highest US tariff rates in the world, at least as of now.
Talks on US Tariff Would Probably be an Insult for Brazil
When interviewed about the same Brazilian President Luiz Inácio Lula da Silva said that further talks with America in reference to the US Tariff imposed would probably be an insult to himself. In this regard Lula da Silva has also petitioned the World Trade Organization for consultations to help alleviate the steep tariffs imposed on Brazil.
However, the Brazilian president cleared the air on his keenness to further get in touch with the White house on the same issue. Trump has raised Brazil’s rate to a whopping 50% – potentially launching a trade war with Latin America’s biggest economy, which sells large amounts of beef, coffee, steel and other products to the United States.
US Tariff Highlights
Though Donald Trump led government has imposed higher rate of tariffs on India and Brazil but none of the countries seem to compromise the interests of the country’s farmers even if they have to pay a heavy price for it. In this regard, Indian Prime Minister Narendra Modi said on Thursday “he will not compromise the interests of the country’s farmers even if he has to pay a heavy price for it”. The reply from Indian Prime Minister came after the White House announced that it is imposing an additional 25 percent tariff on India, bringing the total levies against the South Asian country to 50 percent due to the country’s purchase of Russian oil.