Business

Brazil makes concessions for U.S., despite cuts on Brazilian steel quotas

Despite bending over backwards to please Donald Trump's administration, the Jair Bolsonaro government was dealt a blow to its steel exports

steel industry brazil united states
Photo: T photography/Shutterstock

Traditionally, Brazil’s trade policy — along with almost all dealings with foreign countries — has been based on the principle of reciprocity. Raise tariffs on Brazilian goods? Expect the same to happen in return. However, this long-held credo is being cast aside during the Jair Bolsonaro government, with the Foreign Affairs Ministry led by anti-globalist Ernesto Araújo happy to make concessions to Donald Trump’s U.S. As we explained in this morning’s Daily Briefing, Mr. Araújo is pushing for a 90-day renewal of Brazil’s tax-free quota for foreign ethanol, benefiting U.S. producers — just days after Donald Trump’s White...

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