Trump and Brazilian President Lula Discuss Trade Amid Export Decline
President TRUMP and Brazilian President Luiz Inácio Lula da Silva held a 30-minute phone call focused on economic and trade relations between the two nations. The conversation, described as "very good" by Trump, touched on tariffs and plans for an in-person meeting. Brazil's exports to the U.S. have plummeted by 20.3% year-over-year, with key commodities like beef and sugar hit hardest.
Lula pressed Trump to reduce Brazil's 50% tariff rate, a sharp increase from the previous 10% imposed earlier this year. The hike followed Brazil's prosecution of former President Jair Bolsonaro on coup-related charges. Despite the tension, the U.S. maintains a $6.8 billion trade surplus with Brazil, one of only three G20 countries where America runs a surplus.
