Good morning! Today, we analyze Jair Bolsonaro’s speech at the UN—and what Brazil’s Congress did while the president was away. Also, Petrobras lobbies against local content requirements. And a possible blow to Operation Car Wash. (This newsletter is for platinum subscribers only. Become one now!)
What to make of Bolsonaro’s UNGA speech
The scene was the United Nations General Assembly, but it might very well have been a provincial political rally. Despite speaking to representatives of 193 nations—not to mention the millions watching on television—Jair Bolsonaro delivered a speech filled with talking points that would only resonate with Brazilians. And not even all Brazilians. He addressed a fringe part of the electorate—the 12 or so percent who will stick by him no matter what.
On environmental issues, Mr. Bolsonaro adopted a confrontational stance against France, Europe, and the press—vintage Bolsonaro, in fact. He also failed to acknowledge any responsibility of Brazil on increasing Amazon deforestation rates, and said that labeling the rainforest as world heritage is a “fallacy.”
Why it matters. Filled with falsehoods, Mr. Bolsonaro’s lines on the Amazon give European countries keen on blocking (or at least amending) the Mercosur-EU trade deal the perfect argument to adopt protectionist...