Brazil's hopes for a key negotiation with the United States were dashed on Monday when a planned virtual meeting between Brazilian Finance Minister Fernando Haddad and US Treasury Secretary Scott Bessent was canceled with no new date set.
The meeting was expected to address the steep 50% tariffs recently imposed by the Trump administration on several Brazilian goods, Bloomberg said .
These tariffs have disrupted trade and increased tensions between the two countries.
Speaking to GloboNews TV, Haddad expressed frustration over the cancellation, saying Brazil had requested a reschedule but had yet to receive a response.
"The official reason given was a 'lack of availability,'" Haddad said, calling the explanation "unusual."
He also criticized what he described as "pseudo-Brazilians" in Washington lobbying against their own country's interests.
The tariff hikes were linked to political tensions stemming from former President Jair Bolsonaro's legal troubles.
Brazil-US meeting canceled amid tariff dispute, says finance minister
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Brazil to Launch Executive Order to Ease US Tariff Impact
Bolsonaro, a close ally of President Trump, faces charges related to an alleged coup attempt following his 2022 electoral defeat.
His son, Congressman Eduardo Bolsonaro, has been in the US campaigning for sanctions against those involved in the judicial proceedings.
In light of these challenges, Haddad said Brazil must look beyond the US market.
He highlighted Southeast Asia as a promising region and urged urgent progress on a trade deal between the South American Mercosur bloc and the European Union.
To lessen the economic impact of the US tariffs, Haddad announced that the Brazilian government will soon issue an executive order focused on structural reforms.
According to Reuters, this package will include updates to Brazil's Export Guarantee Fund (FGE) and support for government purchases and credit measures.
"There is no single solution for the roughly 10,000 companies affected," Haddad explained.
President Luiz Inácio Lula da Silva has expressed a desire for equal treatment in talks with the US before considering direct discussions with President Trump.
Haddad reiterated this position and noted that officials in the Finance Ministry would meet with Lula and Vice President Geraldo Alckmin to finalize a flexible plan to soften the tariffs' economic blow.
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