Brazil Bolsters Exporters with $5.55 Billion Fund
Brazil's President Lula is initiating a 30 billion reais credit plan to aid exporters facing increased U.S. tariffs. The government will also support through public purchases, with further details anticipated in an official announcement. The move follows the U.S. tariff hike from 10% to 50% on specific Brazilian goods.
In response to heightened U.S. tariffs on Brazilian exports, President Luiz Inacio Lula da Silva announced a 30 billion reais ($5.55 billion) credit package aimed at easing the burden on affected companies. This initiative represents an initial step to provide relief to exporters impacted by the recent tariff surge.
Lula detailed the plan during an interview with BandNews, revealing that government purchases would also serve as an avenue for assistance. The plan is slated for an official reveal on Wednesday in Brasilia, as disclosed by Lula's chief of staff.
Insights from Reuters suggested that funds from the state development bank BNDES would be redirected to bolster local businesses hit by the escalated tariffs. The U.S. upped tariffs on select Brazilian imports to 50% from 10%, although exemptions were made for products like orange juice and aircraft.
(With inputs from agencies.)
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