Brazil's Trade Shield: Lula's Decree & Trump's Tariffs

Brazilian President Luiz Inacio Lula da Silva is set to sign a decree on Monday aimed at counteracting foreign trade measures that are damaging the Brazilian economy. This strategic move was announced by his chief of staff, Rui Costa, during a briefing with journalists in Brasilia.

The forthcoming decree will establish rules regulating the trade reciprocity law, which was approved by Brazil's Congress in April. According to Costa, the decree is slated for publication in the official gazette on Tuesday, marking a pivotal step in the nation's economic strategy.

This development comes on the heels of U.S. President Donald Trump's declaration last week that he intends to implement a 50% tariff on Brazilian exports, a measure likely to significantly impact Brazil's trade dynamics.

(With inputs from agencies.)