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The Latest: Brazilian President Lula threatens to suspend economic deals over հܳ’s 50% tariffs

Brazilian President Luiz Inácio Lula da Silva said Wednesday that the 50% tariffs announced by U.S. President Donald Trump would trigger the country’s economic reciprocity law. That allows trade, investment and intellectual property agreements to be suspended for countries that harm the South American nation’s competitiveness.

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The Latest: հܳ’s extended tariff deadline keeps global trade in limbo

FILE - President Donald Trump speaks at the Federal Emergency Management Agency (FEMA), Sept. 1, 2019, in Washington. (AP Photo/Jacquelyn Martin, File)


Brazilian President Luiz Inácio Lula da Silva said Wednesday that the 50% tariffs announced by U.S. President Donald Trump would trigger the country’s economic reciprocity law. That allows trade, investment and intellectual property agreements to be suspended for countries that harm the South American nation’s competitiveness.

“Brazil is a sovereign country with independent institutions that will not accept being taken for granted by anyone,” Lula said. In a forceful statement, he defended the country’s legal system and said the U.S. has had a trade surplus of more than $410 billion with Brazil over the past 15 years.

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