Written by The Banking Post
Brazil may take the United States to court over steep tariffs imposed by the Trump administration on Brazilian goods, Finance Minister Fernando Haddad said on Wednesday.
“We will go to court if needed,” Haddad told local media, stressing that Brazil would not pursue lobbying efforts in Washington.
Earlier this month, US President Donald Trump announced 50 percent tariffs on a range of Brazilian exports, justifying the move by citing what he called a “witch hunt” against former President Jair Bolsonaro, who is currently on trial for allegedly plotting a coup, as well as what Trump described as unfair trade practices.
Brazil has expressed “indignation” at the move, pointing out that it has long run persistent trade deficits with the United States.
Haddad also warned that Washington’s actions were shaking global confidence. “World leaders today feel insecure about the United States, uncertain about what the future may hold,” he said.
While he acknowledged that the US dollar remains the world’s reserve currency, Haddad cautioned that its role could erode if the US continues “making mistakes.” He further noted that “weaponizing” the dollar risks undermining its dominance, adding that nations cannot be barred from settling trade in local currencies if it helps reduce costs.
