Latest news on trade tariffs
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Brazil's Bolsonaro put under police surveillance
Brazil's Bolsonaro put under police surveillance
Rio de Janeiro, 18 July (Argus) — Former Brazilian president Jair Bolsonaro has been fitted with an ankle monitor after police raided his home in the capital Brasilia, the latest in a series of court-ordered measures that point to a worsening of his legal situation that could deepen tensions between Brazil and the US. Bolsonaro — who is on trial before the supreme court for an attempted coup — has been ordered to remain at home during certain hours and has been banned from social media and from communicating with foreign diplomats and other defendants. The new measures imposed by the court come in the wake of US President Donald Trump's threat to impose 50pc tariffs on imports from Brazil starting 1 August. Trump said the threat is linked to Bolsonaro's prosecution, calling the trial a "witch hunt". In a 47-page court filing, justice Alexandre de Moraes argued that Bolsonaro and his son Eduardo, a federal congressman, sought help from the US government to pressure Brazilian authorities to interfere in the legal process, calling it a "blatant assault on national sovereignty." Eduardo is in the US and has met with Trump several times to lobby in favor of his father. In response to the latest measure, Eduardo called Moraes a "political gangster in robes" who is "trying to criminalize Trump and the US government". In a televised address on Thursday, President Luiz Inacio Lula da Silva called the tariff threat "unacceptable blackmail in the form of threats to Brazilian institutions". His government has set up an inter-ministerial committee to seek a solution to the impending tariffs . Speaking to journalists on Friday morning, Bolsonaro offered to appeal to Trump directly to resolve the issue. He denied attempting a coup or having plans to flee the country. His passport was seized by authorities in February 2024. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Q&A: American Pacific sees copper growth ahead
Q&A: American Pacific sees copper growth ahead
Houston, 17 July (Argus) — US President Donald Trump's planned 50pc tariffs on copper imports could drive significant changes in the domestic industry. Argus spoke with American Pacific Mining chief executive Warwick Smith and managing director of exploration Eric Saderholm — owners of several copper assets in the US — on the short and long-term copper outlook. Edited highlights follow : Will the expected 50pc copper import tariffs play a lasting role in changing US production and smelting capacity? Saderholm : Copper tariffs will greatly impact copper-centric companies. Both miners and downstream users will certainly be affected. The overall tariff moves are somewhat founded but I do not know if they will work across the board, especially for producing and refining domestic copper. The problem lies in the fact that while the US has significant copper reserves, it will take a long time to build new mines. The US really has no way to keep up with the copper production needed to be self-reliant. We must have smelting capabilities as well. Our processing techniques have been compromised over the last several decades, especially with smelters. We have allowed many US smelters to be blown up, removed, or become nonfunctional. The US government will have to think about funding the construction of smelters. Smith : The copper "tariff talk" from the White House has already started to play a role, as prices drastically increased following the tariff announcement. Larger US refined copper producers, such as Freeport-McMoRan and Rio Tinto, will likely need to start acquiring new copper sources under development. As larger companies scramble to look for US-based copper assets to build new mines, smaller companies with assets in the US will see stronger demand. Considering the inverse US dollar/copper price relationship and the falling dollar in the last year, do you see further incentives for more investment? Smith : I think this area of investment to move these assets forward has been under appreciated and under financed for at least a decade, up until the last two months. More money will continue to come into the market out of necessity, not because of a sudden shift. The world is heading in an increasingly "green" direction, which requires copper. We are seeing that partially play out now. I think there will be more significant investment into both major mid-tier and smaller mining companies that focus on copper as well. With the IEA and others warning of a copper deficit by 2035, do you expect the US to run into supply issues with current production capabilities? Smith : I think the short answer is yes because of an escalating supply-demand imbalance. The US will need to catch up in terms of production and finding new assets. Expediting permitting timelines will also be key to catching up on production. Not only is there a need to find new mines, but a need to permit them quickly enough to get them into production and drive those assets forward. What efforts by the current administration to shorten permitting, construction and start up times would contribute the most to additional capacity? Smith : They have come up with the FAST 41 transparency list focused on expediting strategic metal projects. The FAST 41 list is quite smart. Anecdotally speaking, getting exploration permits has become a lot quicker than under the Biden administration. We have worked since the Obama administration and Republicans do make things move a lot quicker. There is a project that we own in Nevada that under Obama, took us 6.5 weeks to get permits to drill. Under Trump, the first permit approval took four days. That is just exploration drilling now when you think about permitting in mind. You can extrapolate those timelines virtually the same way. It makes a big difference. From that standpoint, we like what they are doing. Some of the Department of Defense funding has also been very helpful. They have put a lot of money into that as well. I think they are doing a lot of the right things on that front. Saderholm : The expedited permitting initiatives are a bit of a double-edged sword. With Trump taking office at the beginning of the year, he wanted a lot of federal jobs to be eliminated. We have had issues with the lack of personnel. Even though they want to fast-track permits, there are not a whole lot of people to fast track them for you. Where do your Palmer VMS and Madison Mine projects stand currently? Smith : The Madison asset in Montana is our flagship. It is a really high-grade skarn surface with a porphyry underneath. We're wrapping up some drilling there and will lead another drill campaign shortly. The location is great as well. It is 40 miles from one of the largest porphyries in the world. It has the hallmarks that it could be a big winner for us. We also own 100pc of the Palmer project, a 16.7mn tonne volcanogenic massive sulfide (VMS) project up in Alaska. We have had many discussions about the project with other groups interested in the asset. The asset is probably 8-10 years away from production. By Reagan Patrowicz Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump tariff threats stall Brazil tallow exports
Trump tariff threats stall Brazil tallow exports
Sao Paulo, 17 July (Argus) — Brazilian beef tallow export sales discussions with US buyers have stalled following President Donald Trump's threat to impose a 50pc tariff on all Brazilian imports. New deals for the biodiesel feedstock into the US will become unfeasible if the tariff comes into effect on 1 August , according to market participants, who said sales discussions that were at an advanced stage before the tariff threat have been suspended. On 4 July, the week before Trump's unexpected 9 July announcement, the Argus indicator for beef tallow exports traded at ports in Brazil's south and southeast stood at $1,120/metric tonne (t) and at $1,388/t for beef tallow traded in the US Gulf. But since then bids to buy and sell have stopped, leaving prices last assessed on 11 July as flat to the 4 July price. The US is the primary importer of Brazilian tallow, taking in 97.5pc of exports of the fat in 2024, according to trade ministry MDIC. The end of exports to the country would represent an unprecedented crisis for the segment, cutting off the main flow of animal fat to foreign markets and limiting activity to occasional deals covering small volumes. The 50pc levy also risks putting downward pressure on prices for the hundreds of thousands of tonnes of beef tallow flowing witin Brazil's domestic market. Uncertainty had been hanging over the market since the US Environmental Protection Agency (EPA) released on 13 June a proposal for US biofuel blending in 2026 and 2027 that could significantly cut RIN credits generated from imported biofuels or those produced from foreign feedstocks. But the EPA proposal also stipulates that US oil refineries will need to blend 5.61bn USG of biomass diesel to meet the requirements in 2026, an 67pc increase from 2025 volumes requirements. That expected increase in biomass diesel demand appeared to outweigh US refiners' concerns about credit reductions as acquisition of foreign tallow continued throughout the first half — especially from Brazil, which the US had slapped with 10pc import duties in April. Brazil exported 235,665t of tallow in the first half of the year, up from 147,950t in the same period in 2024, according to MDIC data. Market participants consider exports to be viable even with the current 10pc levy, but the threat of bigger tariffs has exporters closely monitoring the evolution of the trade dispute between the two countries. By João Marinho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US investigates Brazil barriers to US ethanol
US investigates Brazil barriers to US ethanol
Houston, 16 July (Argus) — The US Trade Representative (USTR) has launched an investigation into Brazilian trade practices that include import barriers against US ethanol. The USTR investigation will look at Brazilian trade barriers that US ambassador Jamieson Greer claims "restrict the ability of US exporters to access its market." "Brazil's tariff and non-tariff barriers merit a thorough investigation, and potentially, responsive action," he said. The notice for the investigation said US ethanol producers are unfairly affected by an 18pc tariff that Brazil imposes on US ethanol exports. The US and Brazil are the two largest ethanol-producing countries, combining for 52pc and 28pc of global production, respectively, according to data from the Renewable Fuels Association, an ethanol trade group. US exports to Brazil averaged 3,800 b/d, or just 2.7pc of overall US exports from January to May, according to US Department of Agriculture data. Exports to Brazil in 2024 were valued at $53mn, down from a peak of $761mn in 2018, according to the investigation notice. The US imported just 491 b/d from Brazil during the first five months of the year, equivalent to 81pc of total ethanol imports. The US imposes a combined 12.5pc tariff on Brazilian ethanol, which includes the blanket 10pc tariff announced in April and the existing 2.5pc duty. Growth Energy, another US ethanol trade organization, applauded the investigation. "Today's action by USTR is a sign that the old days of Brazil enjoying unfettered access to the US ethanol market while unfairly putting a tariff on American ethanol imports could soon come to an end," chief executive Emily Skor said. US President Donald Trump's administration earlier this year specifically noted Brazilian trade barriers against US ethanol as unfair and worth addressing. Trump has recently threatened to impose a 50pc tariff on Brazilian imports starting 1 August, but tied those threats to the country's prosecution of former president Jair Bolsonaro for trying to overthrow elections in 2022. The Trump administration has discouraged Brazilian ethanol imports in other ways, including by proposing to revamp a long-running biofuel blend mandate by reducing lucrative credits for fuels made abroad. Last year, the Renewable Fuels Association and Growth Energy threatened to not cooperate with Brazil on ethanol or sustainable aviation fuel partnerships if the country did not eliminate the tariff. Reducing trade barriers in Brazil has been a longtime priority for the US ethanol lobby, which sees the potential to compete more in Brazil's Renovabio biofuel program. USTR will accept comments through 18 August with a hearing for the investigation scheduled for 3 September. By Payne Williams Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump threatens 35pc tariff on Canada by 1 August
Trump threatens 35pc tariff on Canada by 1 August
Houston, 15 July (Argus) — The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil attorney general asks court to convict Bolsonaro
Brazil attorney general asks court to convict Bolsonaro
Sao Paulo, 15 July (Argus) — Brazilian prosecutors said the country's supreme court (STF) should find former president Jair Bolsonaro and seven other defendants guilty of an attempted coup. In a 517-page briefing that is part of attorney general Paulo Gonet's closing arguments at trial, prosecutors argue that Bolsonaro and the other defendants should be convicted of the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, coup d'état, damage qualified by violence and serious threat, and damage to government assets. Bolsonaro was the "main orchestrator and biggest beneficiary" of a plot to make sure that he stayed in power despite losing the election to President Luiz Inacio Lula da Silva, Gonet said during the trial. The plot included the 8 January 2023 storming of government buildings in the capital Brasilia and plans to kill his political opponents . Also as part of the plot, Bolsonaro used the power of the state and operated in a "persistent scheme" to attack public institutions and the succession process after the presidential election results, Gonet said. The seven other defendants include Bolsonaro's running mate Walter Braga Netto; former minister Augusto Heleno, who is also an army general; Bolsonaro's former justice minister Anderson Torres; former defense minister Paulo Sergio Nogueira; and Bolsonaro's top aide Mauro Cid. If convicted, Cid is expected to have his sentence suspended due to a plea bargain agreement signed with the federal police during investigations. Cid will now have 15 days to present his final defense. The other defendants will then have an additional 15 days to do the same. A date for the justices to begin deliberations will be set after STF receives all statements. That is expected for September this year, according to the government. If convicted, the defendants, including Bolsonaro, can face up to 43 years in prison. Bolsonaro, Trump push back Bolsonaro — who is barred from running for any public office until 2030 — used social media to call the trial a "shameful farce". Bolsonaro's trial gained a new spotlight after US president Donald Trump threatened to impose a 50pc tariff on imports from Brazil from 1 August, citing an alleged "witch hunt" against Bolsonaro. Lula said Brazil will reciprocate the US tariffs. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," he said on social media last week. He also added that the country "will not accept any form of tutelage." Lula signed the reciprocity law on Monday, according to the government. It authorizes Brazil to suspend trade, investment and obligation concessions to countries that impose unilateral barriers to Brazilian products in the global market. It also creates a committee — which will be comprised of the ministers of trade, finance, foreign relations and the chief of staff — that will be in charge of deciding trade responses to other countries' unilateral measures. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico to negotiate Trump’s tariffs: Sheinbaum
Mexico to negotiate Trump’s tariffs: Sheinbaum
Mexico City, 14 July (Argus) — Mexico believes it can reach a deal with US president Donald Trump after he said he would impose 30pc tariffs on goods imported from Mexico beginning on 1 August. Over the weekend Trump made public on his social media platform a letter sent to Mexican president Claudia Sheinbaum on Friday, threatening the new tariffs. The move could significantly disrupt crude flows from Mexico to the US, and refined product flows from the US to Mexico. Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. The Mexican ministries called the new tariff plan "unfair treatment." With the working group— created by the US State Department — leading the talks, Sheinbaum said today she trusts a deal can be made before 1 August. It is not clear if the 30pc tariff threat applies to trade currently covered by the US-Mexico-Canada trade agreement (USMCA). A White House official said previously that a 35pc tariff against Canada would not include USMCA-covered trade, but that those terms could change. Mexico also has a plan should no deal be reached, Sheinbaum said, without specifying details. When previously threatened with tariffs, Sheinbaum discussed plans to bolster Mexico's economy to become more resilient in the face of disrupted trade with its top trade partner, as well as unspecified retaliatory tariffs. But Trump vowed to raise the tariffs even higher if Mexico was to retaliate with its own measures. In his initial letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to Mexico's "failure" to stop criminal groups from smuggling fentanyl into the US. Trump recognized that Mexico is working on the issue but does not consider these efforts fruitful: "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote. Trump sent a similar letter threatening tariffs on Friday to European Commission president Ursula von der Leyen. The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump threatens Mexico, EU with 30pc tariffs
Trump threatens Mexico, EU with 30pc tariffs
Washington, 12 July (Argus) — President Donald Trump on Saturday said the US will impose 30pc tariffs on goods imported from Mexico and the EU beginning on 1 August. In a move that could significantly disrupt crude, refined product and other commodity flows, Trump made public on his social media platform letters sent to Mexican president Claudia Sheinbaum and European Commission president Ursula von der Leyen on Friday threatening the new tariffs. Trump also vowed to raise the tariffs even higher if Mexico or the EU were to retaliate with their own measures. The threats follow similar letters sent to leaders of other countries this past week, including a 35pc tariff on Canadian imports , likewise starting on 1 August, and a 50pc tariff on Brazilian imports . In his letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to "Mexico's failure to stop the Cartels" smuggling fentanyl into the US. "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote. "If for any reason you decide to raise your Tariffs, then whatever the number you choose to raise them by, will be added onto the 30pc that we charge," Trump wrote to Sheinbaum. His letter to von der Leyen included similar language. Trump's previous executive orders regarding tariffs on Mexico and Canada carved out exemptions for goods compliant with the US-Mexico-Canada free trade agreement. A White House official on Friday, following Trump's 10 July Canadian tariff announcement, said the exemption will remain in place, with a caveat that Trump has yet to determine the final form of application. Regarding the EU, Trump argued the 30pc figure "is far less than what is needed to eliminate the Trade Deficit disparity we have with the EU". Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. "We stated at the meeting that [the new tariff plan] was unfair treatment and that we disagreed." After receipt of the new tariff letter, von der Leyen said Trump's tariffs "would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic". The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc. By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump tariff threats stall Brazil tallow exports
Trump tariff threats stall Brazil tallow exports
Sao Paulo, 17 July (Argus) — Brazilian beef tallow export sales discussions with US buyers have stalled following President Donald Trump's threat to impose a 50pc tariff on all Brazilian imports. New deals for the biodiesel feedstock into the US will become unfeasible if the tariff comes into effect on 1 August , according to market participants, who said sales discussions that were at an advanced stage before the tariff threat have been suspended. On 4 July, the week before Trump's unexpected 9 July announcement, the Argus indicator for beef tallow exports traded at ports in Brazil's south and southeast stood at $1,120/metric tonne (t) and at $1,388/t for beef tallow traded in the US Gulf. But since then bids to buy and sell have stopped, leaving prices last assessed on 11 July as flat to the 4 July price. The US is the primary importer of Brazilian tallow, taking in 97.5pc of exports of the fat in 2024, according to trade ministry MDIC. The end of exports to the country would represent an unprecedented crisis for the segment, cutting off the main flow of animal fat to foreign markets and limiting activity to occasional deals covering small volumes. The 50pc levy also risks putting downward pressure on prices for the hundreds of thousands of tonnes of beef tallow flowing witin Brazil's domestic market. Uncertainty had been hanging over the market since the US Environmental Protection Agency (EPA) released on 13 June a proposal for US biofuel blending in 2026 and 2027 that could significantly cut RIN credits generated from imported biofuels or those produced from foreign feedstocks. But the EPA proposal also stipulates that US oil refineries will need to blend 5.61bn USG of biomass diesel to meet the requirements in 2026, an 67pc increase from 2025 volumes requirements. That expected increase in biomass diesel demand appeared to outweigh US refiners' concerns about credit reductions as acquisition of foreign tallow continued throughout the first half — especially from Brazil, which the US had slapped with 10pc import duties in April. Brazil exported 235,665t of tallow in the first half of the year, up from 147,950t in the same period in 2024, according to MDIC data. Market participants consider exports to be viable even with the current 10pc levy, but the threat of bigger tariffs has exporters closely monitoring the evolution of the trade dispute between the two countries. By João Marinho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US investigates Brazil barriers to US ethanol
US investigates Brazil barriers to US ethanol
Houston, 16 July (Argus) — The US Trade Representative (USTR) has launched an investigation into Brazilian trade practices that include import barriers against US ethanol. The USTR investigation will look at Brazilian trade barriers that US ambassador Jamieson Greer claims "restrict the ability of US exporters to access its market." "Brazil's tariff and non-tariff barriers merit a thorough investigation, and potentially, responsive action," he said. The notice for the investigation said US ethanol producers are unfairly affected by an 18pc tariff that Brazil imposes on US ethanol exports. The US and Brazil are the two largest ethanol-producing countries, combining for 52pc and 28pc of global production, respectively, according to data from the Renewable Fuels Association, an ethanol trade group. US exports to Brazil averaged 3,800 b/d, or just 2.7pc of overall US exports from January to May, according to US Department of Agriculture data. Exports to Brazil in 2024 were valued at $53mn, down from a peak of $761mn in 2018, according to the investigation notice. The US imported just 491 b/d from Brazil during the first five months of the year, equivalent to 81pc of total ethanol imports. The US imposes a combined 12.5pc tariff on Brazilian ethanol, which includes the blanket 10pc tariff announced in April and the existing 2.5pc duty. Growth Energy, another US ethanol trade organization, applauded the investigation. "Today's action by USTR is a sign that the old days of Brazil enjoying unfettered access to the US ethanol market while unfairly putting a tariff on American ethanol imports could soon come to an end," chief executive Emily Skor said. US President Donald Trump's administration earlier this year specifically noted Brazilian trade barriers against US ethanol as unfair and worth addressing. Trump has recently threatened to impose a 50pc tariff on Brazilian imports starting 1 August, but tied those threats to the country's prosecution of former president Jair Bolsonaro for trying to overthrow elections in 2022. The Trump administration has discouraged Brazilian ethanol imports in other ways, including by proposing to revamp a long-running biofuel blend mandate by reducing lucrative credits for fuels made abroad. Last year, the Renewable Fuels Association and Growth Energy threatened to not cooperate with Brazil on ethanol or sustainable aviation fuel partnerships if the country did not eliminate the tariff. Reducing trade barriers in Brazil has been a longtime priority for the US ethanol lobby, which sees the potential to compete more in Brazil's Renovabio biofuel program. USTR will accept comments through 18 August with a hearing for the investigation scheduled for 3 September. By Payne Williams Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil attorney general asks court to convict Bolsonaro
Brazil attorney general asks court to convict Bolsonaro
Sao Paulo, 15 July (Argus) — Brazilian prosecutors said the country's supreme court (STF) should find former president Jair Bolsonaro and seven other defendants guilty of an attempted coup. In a 517-page briefing that is part of attorney general Paulo Gonet's closing arguments at trial, prosecutors argue that Bolsonaro and the other defendants should be convicted of the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, coup d'état, damage qualified by violence and serious threat, and damage to government assets. Bolsonaro was the "main orchestrator and biggest beneficiary" of a plot to make sure that he stayed in power despite losing the election to President Luiz Inacio Lula da Silva, Gonet said during the trial. The plot included the 8 January 2023 storming of government buildings in the capital Brasilia and plans to kill his political opponents . Also as part of the plot, Bolsonaro used the power of the state and operated in a "persistent scheme" to attack public institutions and the succession process after the presidential election results, Gonet said. The seven other defendants include Bolsonaro's running mate Walter Braga Netto; former minister Augusto Heleno, who is also an army general; Bolsonaro's former justice minister Anderson Torres; former defense minister Paulo Sergio Nogueira; and Bolsonaro's top aide Mauro Cid. If convicted, Cid is expected to have his sentence suspended due to a plea bargain agreement signed with the federal police during investigations. Cid will now have 15 days to present his final defense. The other defendants will then have an additional 15 days to do the same. A date for the justices to begin deliberations will be set after STF receives all statements. That is expected for September this year, according to the government. If convicted, the defendants, including Bolsonaro, can face up to 43 years in prison. Bolsonaro, Trump push back Bolsonaro — who is barred from running for any public office until 2030 — used social media to call the trial a "shameful farce". Bolsonaro's trial gained a new spotlight after US president Donald Trump threatened to impose a 50pc tariff on imports from Brazil from 1 August, citing an alleged "witch hunt" against Bolsonaro. Lula said Brazil will reciprocate the US tariffs. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," he said on social media last week. He also added that the country "will not accept any form of tutelage." Lula signed the reciprocity law on Monday, according to the government. It authorizes Brazil to suspend trade, investment and obligation concessions to countries that impose unilateral barriers to Brazilian products in the global market. It also creates a committee — which will be comprised of the ministers of trade, finance, foreign relations and the chief of staff — that will be in charge of deciding trade responses to other countries' unilateral measures. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico to negotiate Trump’s tariffs: Sheinbaum
Mexico to negotiate Trump’s tariffs: Sheinbaum
Mexico City, 14 July (Argus) — Mexico believes it can reach a deal with US president Donald Trump after he said he would impose 30pc tariffs on goods imported from Mexico beginning on 1 August. Over the weekend Trump made public on his social media platform a letter sent to Mexican president Claudia Sheinbaum on Friday, threatening the new tariffs. The move could significantly disrupt crude flows from Mexico to the US, and refined product flows from the US to Mexico. Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. The Mexican ministries called the new tariff plan "unfair treatment." With the working group— created by the US State Department — leading the talks, Sheinbaum said today she trusts a deal can be made before 1 August. It is not clear if the 30pc tariff threat applies to trade currently covered by the US-Mexico-Canada trade agreement (USMCA). A White House official said previously that a 35pc tariff against Canada would not include USMCA-covered trade, but that those terms could change. Mexico also has a plan should no deal be reached, Sheinbaum said, without specifying details. When previously threatened with tariffs, Sheinbaum discussed plans to bolster Mexico's economy to become more resilient in the face of disrupted trade with its top trade partner, as well as unspecified retaliatory tariffs. But Trump vowed to raise the tariffs even higher if Mexico was to retaliate with its own measures. In his initial letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to Mexico's "failure" to stop criminal groups from smuggling fentanyl into the US. Trump recognized that Mexico is working on the issue but does not consider these efforts fruitful: "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote. Trump sent a similar letter threatening tariffs on Friday to European Commission president Ursula von der Leyen. The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's Bolsonaro put under police surveillance
Brazil's Bolsonaro put under police surveillance
Rio de Janeiro, 18 July (Argus) — Former Brazilian president Jair Bolsonaro has been fitted with an ankle monitor after police raided his home in the capital Brasilia, the latest in a series of court-ordered measures that point to a worsening of his legal situation that could deepen tensions between Brazil and the US. Bolsonaro — who is on trial before the supreme court for an attempted coup — has been ordered to remain at home during certain hours and has been banned from social media and from communicating with foreign diplomats and other defendants. The new measures imposed by the court come in the wake of US President Donald Trump's threat to impose 50pc tariffs on imports from Brazil starting 1 August. Trump said the threat is linked to Bolsonaro's prosecution, calling the trial a "witch hunt". In a 47-page court filing, justice Alexandre de Moraes argued that Bolsonaro and his son Eduardo, a federal congressman, sought help from the US government to pressure Brazilian authorities to interfere in the legal process, calling it a "blatant assault on national sovereignty." Eduardo is in the US and has met with Trump several times to lobby in favor of his father. In response to the latest measure, Eduardo called Moraes a "political gangster in robes" who is "trying to criminalize Trump and the US government". In a televised address on Thursday, President Luiz Inacio Lula da Silva called the tariff threat "unacceptable blackmail in the form of threats to Brazilian institutions". His government has set up an inter-ministerial committee to seek a solution to the impending tariffs . Speaking to journalists on Friday morning, Bolsonaro offered to appeal to Trump directly to resolve the issue. He denied attempting a coup or having plans to flee the country. His passport was seized by authorities in February 2024. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil retaliatory tariffs may hit cement makers
Brazil retaliatory tariffs may hit cement makers
London, 15 July (Argus) — Brazilian cement makers facing possible retaliatory tariffs on fuel-grade petroleum coke imports from the US are evaluating coke from alternative sources and considering options within existing term agreements. Brazilian president Luiz Inacio Lula da Silva said last week his government will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil as of 1 August . Any Brazilian retaliatory tariffs on US coke would hit cement makers in the country, which closely rely on US Gulf coast high-sulphur coke and have limited alternatives in the region. There is a widespread sentiment in Brazil that the energy sector would be exempt from the tariff dispute , but this is still uncertain. Some large Brazilian cement makers are pushing the government to exempt the fuel from any retaliation list, arguing that taxing an industrial feedstock would hurt domestic infrastructure projects. With minimal viable alternatives, ongoing term contracts, and internal financial pressure, cement makers risk steep cost increases and potential production slowdowns, which could lead to a rise in cement prices, a market participant said. The US is Brazil's largest coke supplier by far, providing 1.88mn t of the 2.13mn t Brazil imported in the first half of this year, Global Trade Tracker data show. Colombia was its second-largest supplier but provided only 136,400t. And this lower-sulphur coke was likely for other applications besides cement. Brazil also imported 85,800t from Venezuela in the first six months of this year, but Venezuela's state-owned oil company PdV is still under US sanctions, which prevents international cement makers from buying this coke. Mexico could be an alternative supplier for Brazil, but it is unlikely to replace much US demand. Although Mexico began exporting last year after state-owned refiner Pemex started up its new 340,000 b/d Olmeca refinery near Dos Bocas, shipments to Brazil have been light thus far. Brazil only imported one 30,700t cargo from Mexico so far this year, according to GTT. Pemex recently acknowledged that crude quality problems halted operations at Dos Bocas for three months late last year and into early this year. Other Mexican refineries, like the 285,000 b/d Minatitlan facility, have also operated at low rates because of mismatched crude specs and aging infrastructure . Mexican coke's high HGI also is more difficult to use in vertical mill grinding units, one cement maker said. Even if they could find a suitable alternative to US Gulf coast coke, cement makers could still be forced to import with high tariffs because they are under long term contracts. It is not yet clear if the tariffs would "justify a force majeure situation", the cement maker noted. Brazil's national currency may also weaken if a trade war escalates with the US, which would further increase the cost of any fuel imports. US companies are also wary of Brazil's retaliatory tariffs on coke exports and imports. Brazil was the fifth-largest destination for US green coke exports over the past 10 years, after India, China, Japan and Mexico, taking more than 8pc of US supply. And it was the third-largest destination for US Gulf coast coke, taking more than 10pc of total exports. A sudden drop in demand from the country would likely leave a wide surplus in the Gulf coast market, especially as Chinese importers are also avoiding US supply because of tariff risks . Brazil is also the US' largest supplier of green and calcined coke imports, making up nearly 20pc of green coke supply and nearly 32pc of calcined coke supply over the past 10 years. Green and calcined petroleum coke could be exempt from the US' tariffs on Brazilian goods, if the Trump administration follows the existing wording of its April executive order on reciprocal tariffs, which exempted energy commodities. White House officials have said that exemptions from tariffs for energy commodities will remain despite the higher rates Trump plans to impose from 1 August. But such explanations come with a caveat that Trump has yet to determine the final form of tariff applications. Trump has also said the US will impose a 35pc tariff on all imports from Canada , and 30pc tariff on goods from Mexico and the EU . Canada was the fourth-largest supplier of green coke to the US over the past 10 years, making up over 9pc of total imports during that period, and the third-largest supplier of calcined coke, with nearly 17pc. Canada, Mexico and the EU are also significant importers of US coke, meaning US exporters could be hit if these governments include coke in retaliatory tariffs. By Alexander Makhlay and Lauren Masterson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump threatens 35pc tariff on Canada by 1 August
Trump threatens 35pc tariff on Canada by 1 August
Houston, 15 July (Argus) — The US will impose a 35pc tariff on all imports from Canada effective on 1 August, President Donald Trump said in a 10 July letter to Canadian prime minister Mark Carney. The letter, which Trump posted on social media, noted that Canada previously planned retaliatory tariffs in response to the US' first tariff threats in the spring. He repeated his earliest justification for the tariffs — the illegal smuggling of fentanyl into the US from Canada — and said he would consider "an adjustment" to the tariffs if Canada worked with him to stop that flow. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil attorney general asks court to convict Bolsonaro
Brazil attorney general asks court to convict Bolsonaro
Sao Paulo, 15 July (Argus) — Brazilian prosecutors said the country's supreme court (STF) should find former president Jair Bolsonaro and seven other defendants guilty of an attempted coup. In a 517-page briefing that is part of attorney general Paulo Gonet's closing arguments at trial, prosecutors argue that Bolsonaro and the other defendants should be convicted of the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, coup d'état, damage qualified by violence and serious threat, and damage to government assets. Bolsonaro was the "main orchestrator and biggest beneficiary" of a plot to make sure that he stayed in power despite losing the election to President Luiz Inacio Lula da Silva, Gonet said during the trial. The plot included the 8 January 2023 storming of government buildings in the capital Brasilia and plans to kill his political opponents . Also as part of the plot, Bolsonaro used the power of the state and operated in a "persistent scheme" to attack public institutions and the succession process after the presidential election results, Gonet said. The seven other defendants include Bolsonaro's running mate Walter Braga Netto; former minister Augusto Heleno, who is also an army general; Bolsonaro's former justice minister Anderson Torres; former defense minister Paulo Sergio Nogueira; and Bolsonaro's top aide Mauro Cid. If convicted, Cid is expected to have his sentence suspended due to a plea bargain agreement signed with the federal police during investigations. Cid will now have 15 days to present his final defense. The other defendants will then have an additional 15 days to do the same. A date for the justices to begin deliberations will be set after STF receives all statements. That is expected for September this year, according to the government. If convicted, the defendants, including Bolsonaro, can face up to 43 years in prison. Bolsonaro, Trump push back Bolsonaro — who is barred from running for any public office until 2030 — used social media to call the trial a "shameful farce". Bolsonaro's trial gained a new spotlight after US president Donald Trump threatened to impose a 50pc tariff on imports from Brazil from 1 August, citing an alleged "witch hunt" against Bolsonaro. Lula said Brazil will reciprocate the US tariffs. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," he said on social media last week. He also added that the country "will not accept any form of tutelage." Lula signed the reciprocity law on Monday, according to the government. It authorizes Brazil to suspend trade, investment and obligation concessions to countries that impose unilateral barriers to Brazilian products in the global market. It also creates a committee — which will be comprised of the ministers of trade, finance, foreign relations and the chief of staff — that will be in charge of deciding trade responses to other countries' unilateral measures. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US tariff ruling could revive biofuel feedstock trade
US tariff ruling could revive biofuel feedstock trade
New York, 29 May (Argus) — A sweeping court ruling Wednesday against President Donald Trump's emergency tariffs could make foreign biofuel feedstock imports, which have wavered this year, more attractive. A three-judge panel on the US Court of International Trade struck down tariffs Trump set under a little-used economic emergency law, including bilateral tariffs on China, "reciprocal" tariffs on nearly every country, and levies on some Canadian and Mexican products to combat drug trafficking. The tariffs upended global trade flows, including by making recently fast-rising inputs for renewable diesel production like Chinese used cooking oil and Brazilian beef tallow more expensive. The trade court gave the government ten days to comply, though the Trump administration has asked for a pause on the ruling and pledged to appeal. Tariffs enacted under other laws, including sectoral tariffs on steel and aluminum imports, would remain intact. Trump could also still eye different authorities to revive his broader tariffs, which he sees as a crucial negotiating tool to counter what he has called unfair trade practices abroad. But the court's decision, if it holds, would still be a significant barrier to Trump's efforts to rewire global trade. The US could even be required to offer refunds of emergency tariffs that have already been paid. US levies on Chinese products imposed under the emergency law at one point reached 145pc, raising fears of a protracted trade war and global economic slowdown. Fewer options for foreign biofuel feedstocks because of tariffs also helped increase the price of domestic alternatives like US soybean oil, where futures were down 2pc in early trading Thursday, and compounded the pain for refiners struggling with major changes to biofuel tax credits. Biomass-based diesel production in the US has been down sharply this year because of all the policy shifts. Formerly fast-rising flow Before this year, renewable diesel and sustainable aviation fuel producers along the US Gulf and west coasts were expanding capacity and increasingly looking abroad for inputs. Waste feedstocks like used cooking oil and beef tallow are considered lower-carbon feedstocks than crops and thus generally fetch larger government subsidies — even if sourced from abroad. The US imported nearly 5.4bn lbs of used cooking oil in 2024, a record-high and with more than half that total coming from China. But Trump's tariffs sharply reduced the incentive to import foreign feedstocks. Duties on Chinese products have varied significantly but were last at 30pc before the court ruling, adding to existing 15.5pc charges on Chinese used cooking oil. Reciprocal tariffs of 10pc on nearly every country added new costs to Australian and Brazilian tallow too. US import data is only available through March, before Trump imposed his most far-reaching tariffs as part of an April "Liberation Day" announcement . But global feedstock traders more recently have said that the tariffs — and the unpredictability of future policy — have made global inputs riskier. While some tariffs are eligible for duty drawbacks, creating options for biofuel producers targeting foreign markets, US imports of Chinese used cooking oil were down 27pc in the first quarter compared to the same period last year. Other barriers remain Even if the court ruling holds, other policies could deter US biorefineries from relying too heavily on foreign feedstocks. For one, current government guidance around a new US clean fuel tax credit prevents refiners from claiming any subsidy for road fuels derived from foreign used cooking oil . Those rules also pin the carbon intensity of canola-based fuels as too high to claim any subsidy, choking off interest in Canadian canola oil imports that had been rising significantly before this year. And farm groups, worried that foreign feedstocks are hurting demand for US crops, are lobbying regulators and lawmakers for more severe limits. A party-line budget bill that passed the House this month would restrict clean fuel tax credit eligibility to fuels derived from North American feedstocks, a win for US oilseed crushers but a major blow to refiners reliant on foreign tallow. While that bill still needs Senate approval and changes would only kick in next year, the proposal is a clear signal from Republicans that refiners should start looking closer to home for renewable diesel inputs. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Import cuts, tariffs buoy US northeast methanol prices
Import cuts, tariffs buoy US northeast methanol prices
Houston, 27 May (Argus) — Tariff uncertainty coupled with lower methanol production in Trinidad has fueled northeast US prices to a higher-than-normal premium compared to the US Gulf coast. Truck and railcar prices in the US northeast typically carry a 15-20¢/USG premium to the US Gulf coast, with some variation ahead of the seasonal demand uptick, according to Argus data. The northeast premium, though, currently sits at nearly 35¢/USG and is at risk of increasing further on declining methanol production out of Trinidad and tariffs currently imposed on the island. More than 65pc of US methanol imports discharged at east coast ports in 2024, with Trinidad and Tobago comprising more than 65pc of total volumes to the region, according to census bureau data compiled by Global Trade Tracker (GTT). Exports from Trinidad to east coast ports during the first quarter fell by 4pc from the same three-month period last year, and marked a 23pc slump from the prior three-year average for the first quarter. This dip in volumes has squeezed east coast inventories, spurring a wider premium that could draw further support from an expected cut in Trinidadian production and tariffs on the island nation. Trinidadian producers are subjected to a 10pc tariff from the US, forcing US importers to pass along related costs. "If [tariffs are] a 10pc base then the market adjusts," a methanol trader said. The trader said uncertainty around President Donald Trump's tariff policy is lending to higher values nearby. US production faces logistical obstacles to meet demand along the northeast. Rail deliveries are expensive and cumbersome, according to several market participants. Barging methanol up the Mississippi River and distributing inland to demand centers in the northeast is also challenged by high distribution and logistics costs, a methanol distributor added. By Steven McGinn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU consults on tariffs for €95bn US imports
EU consults on tariffs for €95bn US imports
Brussels, 9 May (Argus) — The European Commission is consulting on an extensive list, worth €95bn ($107bn), of US industrial, agricultural and other imports that could be subject to tariff countermeasures. The long list includes extends from livestock, biofuels, wood pellets to metals, aircraft, tankers and polymers . The consultation runs until midday on 10 June. It is aimed at stakeholders affected by US measures and possible EU rebalancing measures. Also considered for possible countermeasures are restrictions, worth €4.4bn, on EU exports to the US of steel, iron and aluminium scrap, as well as toluidines, alcoholic solutions and enzymes (CN codes 7204, 7602, 292143, 330210 and 350790). The commission linked the possible new measures to US universal tariffs and to Washington's specific tariffs on cars and car parts. The commission said the public consultation is a necessary procedural step. It does not automatically result in countermeasures. The EU also launched a WTO dispute procedure against the US for Washington's universal tariffs, set at 20pc for EU goods and currently paused at 10pc, and at 25pc on all imports of vehicles and car parts. The commission will need approval by EU governments under a simplified legislative procedure. Officials say this will complete a legal act for the countermeasures, making them "ready to use" if talks with the US do not produce a "satisfactory" result. The list of products potentially targeted includes livestock, along with items ranging from spectacles to antiques. The 218-page list includes a range of agricultural and food products including oats, maize, and cereal pellets. Also included are biodiesel and wood pellets (CN codes 38260010, 44013100), as well as paper and cotton products. Aluminium, iron, steel are listed together with a wide range of other goods from gas turbines, ships propellers and blades, aircraft, sea-going tankers and other vessels. Polymers, copolymers, polyesters and other products are not spared (CN codes 39039090 and more). On 10 April, the EU paused its reciprocal tariffs against the US for 90 days, responding to a US pause. The EU notes that €379bn, or 70pc, of the bloc's exports to the US are currently subject to new or paused tariffs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Chemicals, polymers part of EU tariff consultation
Chemicals, polymers part of EU tariff consultation
London, 8 May (Argus) — Polymer and chemical products are included in a European Commission public consultation on a list of US imports which could become subject to EU countermeasures, if ongoing EU-US negotiations do not result in a mutually beneficial outcome and the removal of the US tariffs. The consultation will remain open until 10 June, after which a final proposal will be made for the adoption of countermeasures and a legal act prepared for imposing them "in case negotiations with the US do not produce a satisfactory result". The list of additional products that could face import tariffs includes many polymers and some chemicals, although appears to target value more than volume. These additions include polypropylene homopolymer and copolymers (HS codes 39021000, 39023000), although these account for a relatively small volume of trade, at 114,000t in 2024, according to GTT data. Other polymer codes on the consultation list include some polystyrene, polyvinyl chloride, acrylonitrile butadiene styrene and polyethylene terephthalate products. Isocyanates and some polyurethanes are part of the consultation. Imports of acetic acid, a methanol derivative were included. EU 27 imports from the US in 2024 were 540,000t. Liquid caustic soda has been included. The EU 27 countries imported 540,000t in 2024. Benzene and xylenes have been included, but only under distinct "non-chemically defined" HS codes (27071000 and 27073000) and for which volumes are small. The European Union on 9 April announced a 90-day delay to a series of planned countermeasures specific to US tariffs on metals to allow space for negotiations. These are separate from the new consultation and remain poised to go ahead if negotiations fail. They included a 25pc tariff on imports from the US of polyethylene under codes representing nearly 1mnt of imports in 2024. By Alex Sands Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil attorney general asks court to convict Bolsonaro
Brazil attorney general asks court to convict Bolsonaro
Sao Paulo, 15 July (Argus) — Brazilian prosecutors said the country's supreme court (STF) should find former president Jair Bolsonaro and seven other defendants guilty of an attempted coup. In a 517-page briefing that is part of attorney general Paulo Gonet's closing arguments at trial, prosecutors argue that Bolsonaro and the other defendants should be convicted of the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, coup d'état, damage qualified by violence and serious threat, and damage to government assets. Bolsonaro was the "main orchestrator and biggest beneficiary" of a plot to make sure that he stayed in power despite losing the election to President Luiz Inacio Lula da Silva, Gonet said during the trial. The plot included the 8 January 2023 storming of government buildings in the capital Brasilia and plans to kill his political opponents . Also as part of the plot, Bolsonaro used the power of the state and operated in a "persistent scheme" to attack public institutions and the succession process after the presidential election results, Gonet said. The seven other defendants include Bolsonaro's running mate Walter Braga Netto; former minister Augusto Heleno, who is also an army general; Bolsonaro's former justice minister Anderson Torres; former defense minister Paulo Sergio Nogueira; and Bolsonaro's top aide Mauro Cid. If convicted, Cid is expected to have his sentence suspended due to a plea bargain agreement signed with the federal police during investigations. Cid will now have 15 days to present his final defense. The other defendants will then have an additional 15 days to do the same. A date for the justices to begin deliberations will be set after STF receives all statements. That is expected for September this year, according to the government. If convicted, the defendants, including Bolsonaro, can face up to 43 years in prison. Bolsonaro, Trump push back Bolsonaro — who is barred from running for any public office until 2030 — used social media to call the trial a "shameful farce". Bolsonaro's trial gained a new spotlight after US president Donald Trump threatened to impose a 50pc tariff on imports from Brazil from 1 August, citing an alleged "witch hunt" against Bolsonaro. Lula said Brazil will reciprocate the US tariffs. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," he said on social media last week. He also added that the country "will not accept any form of tutelage." Lula signed the reciprocity law on Monday, according to the government. It authorizes Brazil to suspend trade, investment and obligation concessions to countries that impose unilateral barriers to Brazilian products in the global market. It also creates a committee — which will be comprised of the ministers of trade, finance, foreign relations and the chief of staff — that will be in charge of deciding trade responses to other countries' unilateral measures. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil eyes retaliatory tariffs on US
Brazil eyes retaliatory tariffs on US
Rio de Janeiro, 10 July (Argus) — Brazil will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil, president Luiz Inacio Lula da Silva said. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," Lula posted on social media late on Wednesday. He defended Brazil's sovereignty and said the country "will not accept any form of tutelage". He rebutted Trump's claim that the US has a "very unfair trade relationship with Brazil", pointing to its long-running trade surplus. Brazil has run a trade deficit for goods and services with the US adding up to over $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview. "This is an eminently political decision, because there is no economic rationale in this measure," he said. The US is Brazil's second-largest trading partner behind China, receiving $40.3bn worth of exports in 2024, according to the Brazilian secretary of foreign trade. It is the main market for Brazilian manufactured goods. The national confederation of industries (CNI), a lobby group, called for negotiations with the Trump government "to preserve the countries' historical trade relationship". A group representing the powerful agribusiness lobby in congress, FPA, also called for diplomatic negotiations. The tariffs can "severely hamper production, investments and supply chains between the two countries," US-Brazilian chamber of commerce Amcham said. The tariffs bring uncertainty to the country's oil and gas sector, Brazil's oil chamber IBP said. Crude is Brazil's main export to the US, accounting for $5.8bn last year. "We are cautiously assessing the true impacts on investments and competitiveness on our industry," IBP said. The Brazilian real slumped against the US dollar in the wake of Trump's announcement, dropping to R5.6/$1 on Thursday morning before rallying slightly. A weaker real increases production costs for Brazilian companies who rely on imports. A letter that Trump sent on Wednesday to Lula is one of the 22 that the US leader has sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will charge on imports from those countries. "I don't think that this situation will continue," Haddad said of the "unsustainable" 50pc levy, highlighting Brazil's diplomatic tradition. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil eyes retaliatory tariffs on US
Brazil eyes retaliatory tariffs on US
Rio de Janeiro, 10 July (Argus) — Brazil will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil, its president Luiz Inacio Lula da Silva said. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," Lula posted on social media late on Wednesday. He defended Brazil's sovereignty and said the country "will not accept any form of tutelage". He rebutted Trump's claim that the US has a "very unfair trade relationship with Brazil", pointing to its long-running trade surplus. The US is Brazil's second-largest trading partner behind China, receiving $40.3bn worth of exports in 2024, according to the Brazilian secretary of foreign trade. It is the main market for Brazilian manufactured goods. The national confederation of industries (CNI), a lobby group, called for negotiations with the Trump government "to preserve the countries' historical trade relationship". A group representing the powerful agribusiness lobby in congress, FPA, also called for diplomatic negotiations. A letter that Trump sent on Wednesday to Lula is one of the 22 that the US leader has sent to his foreign counterparts since 7 July, announcing new tariff rates that the US will charge on imports from those countries. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Supreme Court asked to rule on tariffs
US Supreme Court asked to rule on tariffs
Washington, 17 June (Argus) — Plaintiffs in one of the legal cases challenging President Donald Trump's authority to impose tariffs are asking the Supreme Court to hear their arguments even before US federal appeals courts rule on their petition. The legal case brought by the plaintiffs — toy companies Learning Resources and hand2hand — resulted in a ruling by the US District Court for the District of Columbia in late May that Trump did not have the authority to impose tariffs by citing a 1978 law called the International Emergency Economic Powers Act (IEEPA). That case is currently on appeal at the US Court of Appeals for the DC Circuit. The plaintiffs today urged the Supreme Court to take the case and schedule oral arguments at the start of its fall term in October, or possibly in a special September sitting. The plaintiffs argued the Supreme Court will eventually have to rule on the case given the unprecedented use of IEEPA by the Trump White House to impose tariffs, so special consideration should be given to the case even before appeals courts rule on it. The Supreme Court is under no obligation to fast-track the case. The schedule for legal challenges to Trump's authority is clashing with his claims to be negotiating multiple deals with foreign trade partners. Trump cited the IEEPA to impose, then rescind, tariffs of 10-25pc on energy and other imports from Canada and Mexico in February-March. He used the same law to impose 20pc tariffs on China in February-March, and to impose 10pc tariffs on nearly every US trading partner in April. The US Court of Appeals for the DC Circuit has stayed the toy companies' case until the resolution of a separate, broader legal challenge to Trump's tariff authority. In that case, the US Court of International Trade ruled in late May that Trump's use of IEEPA was illegal and ordered the administration to remove all tariffs it imposed under that rubric and to refund all import duties it collected. The trade court's ruling is under review at the US Court of Appeals for the Federal Circuit, which scheduled an oral argument on 31 July to hear from plaintiffs — a group of US companies and several US states — and from the Trump administration. The trade court's ruling in late May was unexpected, as it "actually ruled on the merits of the case, as opposed to just granting or denying an injunction," according to Alec Phillips, chief political economist with investment bank Goldman Sachs' research arm. "The question now is, will the Federal Circuit uphold the ruling, and will ultimately the Supreme Court uphold the ruling?" The Trump administration argued that the legal challenges to its tariff authority could undermine its ability to negotiate with foreign trade partners. The administration has so far produced two limited trade agreements, with the UK and China, despite promising in early April to unveil "90 deals in 90 days". Trump on Monday described ongoing trade negotiations as an easy process. "We're dealing with really, if you think about it, probably 175 countries, and most of them can just be sent a letter saying, 'It'll be an honor to trade with you, and here's what you're going to have to pay to do'", Trump said. But on the same day he pushed back on calls from Canada and the EU to negotiate trade deals, arguing that their approach is too complex. "You get too complex on the deals and they never get done," Trump said. The legal challenges to Trump's authority under IEEPA will not affect the tariffs he imposed on foreign steel, aluminum, cars and auto parts. US trade statistics point to a significant tariff burden in place in April, the latest month for which data are available.The effective US tariff rate on all imports — the amount of duties collected divided by the total value of imports — rose to 7.1pc in April from 2.4pc in January. Trump has dismissed concerns about the impact of tariffs on consumer prices, noting on Monday that "we're making a lot of money. You know, we took in $88bn in tariffs." Treasury Department revenue data show that the US has collected $98bn in customs revenue for the year through 13 June, up from $63bn in the same period last year. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil focuses on reversing US tariffs: VP
Brazil focuses on reversing US tariffs: VP
Sao Paulo, 15 July (Argus) — Brazil is focused on reversing the tariff hike imposed by US president Donald Trump and will only ask for a postponement if necessary, Brazilian vice-president Geraldo Alckmin said on Tuesday after meeting with agribusiness representatives. Trump last week threatened to impose a 50pc tariff on imports from Brazil as of 1 August , citing a criminal trial against former president Jair Bolsonaro for attempting to overthrow the country's 2022 election results. At a press conference after the meeting today representatives from different agribusiness sectors were in agreement that the dialogue with the US government needs to continue. Agriculture ministry Carlos Favaro said that "dialogue [between the two countries] is open on the Brazilian side, but with respect for sovereignty and with great pride". Beef, orange juice and coffee are among agricultural products Brazil exports the most to the US, according to Brazil's ministry of development, industry, commerce and services. Brazil's meatpacking plants are stopping production because of the likely effects that the 50pc tariffs could have on the market, according to the president of Brazil's association of meat exporting industries Abiec, Roberto Perosa . The US is the second largest importer of Brazil's beef, only behind China. The US already imposes tariffs of around 36pc on Brazil's beef sector, according to Perosa, and an additional 50pc tariff "would practically make exports to the US unfeasible." Citrus juice exporters are also concerned about the possible new tariffs, especially considering that the 2025-26 orange season started in June and goes through December-January. Brazil accounts for 70pc of the orange juice the US imports, according to Brazil's national association of citrus juice exporters CitrusBR. The group's president, Ibiapaba Netto, said that "there is still time for negotiation" until 1 August and that "it is necessary to maintain pragmatism". Brazil published today a decree regulating the economic reciprocity law, which establishes criteria for suspending trade concessions, investments and obligations related to intellectual property rights in response to unilateral measures adopted by countries or economic blocs that may negatively impact Brazil's international competitiveness. By Renata Gabrielli and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil attorney general asks court to convict Bolsonaro
Brazil attorney general asks court to convict Bolsonaro
Sao Paulo, 15 July (Argus) — Brazilian prosecutors said the country's supreme court (STF) should find former president Jair Bolsonaro and seven other defendants guilty of an attempted coup. In a 517-page briefing that is part of attorney general Paulo Gonet's closing arguments at trial, prosecutors argue that Bolsonaro and the other defendants should be convicted of the crimes of armed criminal organization, attempted violent abolition of the democratic rule of law, coup d'état, damage qualified by violence and serious threat, and damage to government assets. Bolsonaro was the "main orchestrator and biggest beneficiary" of a plot to make sure that he stayed in power despite losing the election to President Luiz Inacio Lula da Silva, Gonet said during the trial. The plot included the 8 January 2023 storming of government buildings in the capital Brasilia and plans to kill his political opponents . Also as part of the plot, Bolsonaro used the power of the state and operated in a "persistent scheme" to attack public institutions and the succession process after the presidential election results, Gonet said. The seven other defendants include Bolsonaro's running mate Walter Braga Netto; former minister Augusto Heleno, who is also an army general; Bolsonaro's former justice minister Anderson Torres; former defense minister Paulo Sergio Nogueira; and Bolsonaro's top aide Mauro Cid. If convicted, Cid is expected to have his sentence suspended due to a plea bargain agreement signed with the federal police during investigations. Cid will now have 15 days to present his final defense. The other defendants will then have an additional 15 days to do the same. A date for the justices to begin deliberations will be set after STF receives all statements. That is expected for September this year, according to the government. If convicted, the defendants, including Bolsonaro, can face up to 43 years in prison. Bolsonaro, Trump push back Bolsonaro — who is barred from running for any public office until 2030 — used social media to call the trial a "shameful farce". Bolsonaro's trial gained a new spotlight after US president Donald Trump threatened to impose a 50pc tariff on imports from Brazil from 1 August, citing an alleged "witch hunt" against Bolsonaro. Lula said Brazil will reciprocate the US tariffs. "Any unilateral tariff increases will be addressed in accordance with Brazil's economic reciprocity law," he said on social media last week. He also added that the country "will not accept any form of tutelage." Lula signed the reciprocity law on Monday, according to the government. It authorizes Brazil to suspend trade, investment and obligation concessions to countries that impose unilateral barriers to Brazilian products in the global market. It also creates a committee — which will be comprised of the ministers of trade, finance, foreign relations and the chief of staff — that will be in charge of deciding trade responses to other countries' unilateral measures. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump threatens Mexico, EU with 30pc tariffs
Trump threatens Mexico, EU with 30pc tariffs
Washington, 12 July (Argus) — President Donald Trump on Saturday said the US will impose 30pc tariffs on goods imported from Mexico and the EU beginning on 1 August. In a move that could significantly disrupt crude, refined product and other commodity flows, Trump made public on his social media platform letters sent to Mexican president Claudia Sheinbaum and European Commission president Ursula von der Leyen on Friday threatening the new tariffs. Trump also vowed to raise the tariffs even higher if Mexico or the EU were to retaliate with their own measures. The threats follow similar letters sent to leaders of other countries this past week, including a 35pc tariff on Canadian imports , likewise starting on 1 August, and a 50pc tariff on Brazilian imports . In his letter to Sheinbaum, Trump repeated previous justifications for higher tariffs by pointing to "Mexico's failure to stop the Cartels" smuggling fentanyl into the US. "Mexico has been helping me secure the border, BUT, what Mexico has done is not enough," Trump wrote. "If for any reason you decide to raise your Tariffs, then whatever the number you choose to raise them by, will be added onto the 30pc that we charge," Trump wrote to Sheinbaum. His letter to von der Leyen included similar language. Trump's previous executive orders regarding tariffs on Mexico and Canada carved out exemptions for goods compliant with the US-Mexico-Canada free trade agreement. A White House official on Friday, following Trump's 10 July Canadian tariff announcement, said the exemption will remain in place, with a caveat that Trump has yet to determine the final form of application. Regarding the EU, Trump argued the 30pc figure "is far less than what is needed to eliminate the Trade Deficit disparity we have with the EU". Mexico's ministries of the economy, foreign affairs, finance, security and energy said in a statement Saturday that they met with their US counterparts on Friday to begin negotiations to head off the new tariffs before 1 August. "We stated at the meeting that [the new tariff plan] was unfair treatment and that we disagreed." After receipt of the new tariff letter, von der Leyen said Trump's tariffs "would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic". The US has clinched only one limited trade deal, which keeps in place a 10pc tariff on US imports from the UK while granting a lower-tariff import quota for UK-made cars. Trump has announced a deal with Vietnam, setting tariffs at 20pc. By David Ivanovich Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump Brazil tariff threat concerns US beef importers
Trump Brazil tariff threat concerns US beef importers
Sao Paulo, 11 July (Argus) — US president Donald Trump's threat to apply a 50pc tariff on Brazilian imports was not welcomed by US beef importers, Brazilian beef exports association ABIEC's president Roberto Perosa said. Perosa said while meeting with around 50 US companies that import beef from Brazil this week he discussed the possible economic effects from the threatened tariffs , which could raise prices that he said used to be beneficial for American consumers. "It's a damaging decision with no technical basis in [the companies'] perspective," he said. Brazil beef imports into the US in April were nearly five times higher than imports from a year earlier, but they dropped in May and June due to other US tariffs . The US has been the second-largest buyer of Brazilian beef since 2022, with almost 230,000 metric tonnes (t) imported last year. The US accounted for 8pc of Brazil's beef exports in 2024, only behind China with 46pc, according to Netherlands-based investment bank Rabobank. Brazil, the world's largest meat exporter, shipped a record 2.9mn t of beef in 2024, a 26pc increase from a year before, according to ABIEC. Open gates The World Organisation for Animal Heath (WOAH)'s May decision to declare Brazil free from the highly contagious foot-and-mouth disease (FMD) affecting livestock without vaccinations may allow access to new markets and boost exports , according to the government. Brazil has opened its beef market to 19 countries so far, according to ministry of agriculture and cattle raising's trading and international affairs secretary Luis Rua. The last countries to open their markets to Brazilian beef were El Salvador and the Bahamas, according to the ministry. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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