Brazil unveils $5.5B support plan for exporters hit by US tariffs

ISTANBUL

Brazilian President Luiz Inacio Lula da Silva announced a plan Wednesday to support exporters affected by high tariffs of up to 50% imposed by the US on several of the country’s products.

The plan includes $5.5 billion in credit for exporters, tax relief for affected businesses and incentives to boost local production for export to the US.

Lula signed an executive order which takes effect immediately but must be approved by Congress within four months to remain in force.

“We cannot be scared, nervous and anxious when there is a crisis. A crisis is for us to create new things,” he said. “In this case, what is unpleasant is that the reasons given to impose sanctions against Brazil do not exist.”

He also dismissed a US human rights report accusing his government of suppressing free speech and democratic debate, including targeting journalists and politicians.

“There was really no reason to hit Brazil with tariffs, nor will we accept being told that we don’t respect human rights here in Brazil,” he said.

Lula responded to the claims by affirming that Brazil's judiciary is independent.

“Every time that our American friends decide to pick a fight with someone, they try to make the people they want to fight with look like demons,” he added.

“Now they want to talk about human rights in Brazil,” he said. “We have to look at what happens in the country that is accusing Brazil.”