Brazil's finance minister, Fernando Haddad, has stated that the country will not retaliate against the US tariffs imposed on Brazilian steel and aluminium exports. The US tariffs were introduced in response to Brazil's trade agreement with the European Union, which the US views as unfair competition. The US has imposed a 25% tariff on Brazilian steel and a 10% tariff on Brazilian aluminium exports.
In response to the US tariffs, Brazil's government has implemented measures to mitigate the impact on domestic businesses. The Brazilian government has also filed a complaint with the World Trade Organization (WTO), arguing that the US tariffs are a breach of international trade rules. The WTO will now examine the complaint and decide on its validity.
The US tariffs have had a significant impact on Brazil's steel and aluminium exports. Brazilian steel exports to the US have fallen by 35% in the first half of 2026 compared to the same period in 2025. The Brazilian steel industry has warned that further retaliation by Brazil could lead to job losses and a decline in production.
The UK's steel industry has expressed concerns about the impact of the US tariffs on global trade. A spokesperson for the UK Steel Trade Association said, 'The US tariffs have created uncertainty in the global steel market, and we urge all parties to resolve this dispute through diplomatic channels.'
The Brazilian government has stated that it will continue to engage with the US government to resolve the dispute. The US and Brazil are set to hold talks in the coming weeks to discuss the tariffs and potential trade agreements.