Brazilian President Luiz Inácio Lula da Silva said on Thursday that his nation may implement retaliatory tariffs if the United States follows through with President Donald Trump’s plan to impose a 50 percent tariff on Brazilian goods on Aug. 1.
Lula said that his government intends to negotiate with the Trump administration over the tariff hikes. Still, he warned that Brazil may enforce its economic reciprocity laws if those talks fall through.
“If there’s no negotiation, the reciprocity law will be put to work. If he charges 50 [percent tariff] from us, we will charge 50 from them,” he told local broadcaster TV Record. “Respect is good. I like to offer mine and I like to receive it.”…