The government continues to negotiate countermeasures to Trump’s tariffs, Brazilian senators will meet with U.S. lawmakers today, and the Central Bank’s Copom meets today to discuss the benchmark interest rate

BRAZIL POLITICS - Report 29 Jul 2025 by Murillo de Aragão and Cristiano Noronha

A contingency plan prepared by the Ministries of Finance, Industry, Trade and Services (MDIC), and Foreign Affairs was presented yesterday to President Lula in an effort to mitigate the impact of the sweeping U.S. tariffs on Brazilian exports, scheduled to take effect on Friday. Sources within the government suggest that Brazil is unlikely to adopt retaliatory measures against the United States in the initial phase, should the 50% tariff on Brazilian exports be enforced. A Brazilian Senate delegation currently in the United States to negotiate on the tariff issue will meet today with Republican lawmakers—members of President Donald Trump’s party. Also today, the Central Bank’s Monetary Policy Committee (Copom) begins its meeting to decide the country’s benchmark interest rate (Selic), currently at 15% per year.

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