Brazil’s Finance Minister Fernando Haddad has expressed deep frustration after a crucial virtual meeting with U.S. Treasury Secretary Scott Bessent was abruptly canceled, dashing hopes of negotiating relief from steep new American trade tariffs.
The meeting, initially slated for Wednesday, was intended to address the Trump administration’s recent imposition of 50% duties on several Brazilian goods — a blow Haddad said will affect around 10,000 companies. No new date has been set despite Brazil’s request to reschedule, Haddad told GloboNews TV.
The minister lamented that Brazil “was not even able to sit at the table” to discuss the tariffs, blaming “pseudo-Brazilians” in Washington for lobbying against their homeland. The tariff hike has been tied by Washington to the ongoing trial of former President Jair Bolsonaro, an ally of Donald Trump accused of plotting a coup after his 2022 election loss.
Bolsonaro’s son, Congressman Eduardo Bolsonaro, has been in the U.S. since March campaigning for sanctions on those behind the judicial proceedings.
In response to the diplomatic setback, Haddad announced Brazil will pivot to alternative markets, with Southeast Asia identified as a key growth region. He also called for urgent advancement on a long-delayed Mercosur–European Union trade deal.
Domestically, the government will roll out an executive order to cushion the blow from the U.S. tariffs. The package will include structural reforms to the Export Guarantee Fund (FGE), targeted government purchases, and credit measures. Haddad emphasized that the strategy must be multi-pronged, as “there is no single solution” to the crisis.
WHAT YOU SHOULD KNOW
Brazil’s bid to negotiate relief from steep new U.S. tariffs has stalled after Washington canceled planned talks, prompting Finance Minister Fernando Haddad to vow a shift toward alternative markets and a multi-pronged domestic response.
