Brazil has launched a slew of measures to support exporters hit by a 50 per cent tariff imposed by the US government. The initiative, called Sovereign Brazil, provides around 5.562 billion US dollars in affordable loans, tax breaks and other measures, prioritising small businesses and those dealing in perishable foods.
It also facilitates public procurement from affected rural and agro-industrial sectors, modernises the export guarantee system, and reactivates a program to refund taxes in the production chain. In a speech during the announcement of the plan, Brazilian President Luiz Inacio Lula da Silva rejected the US government’s arguments for imposing tariffs on Brazilian products.
