Haddad may meet with the US Treasury Secretary to discuss tariffs.
Finance Minister wants to negotiate with Scott Bessent before the G20 finance ministers' meeting.
247 - Finance Minister Fernando Haddad said on Monday (29) that he may meet with US Treasury Secretary Scott Bessent to discuss tariffs imposed by the US government on Brazilian products. The expectation is that the conversation will take place before the G20 finance ministers meeting, scheduled for October 15 and 16 in Washington.
“I have a trip to the United States for the G20. At worst, I believe we'll talk there. But who knows, maybe the two cabinets will schedule a meeting before then. That's also possible,” he stated after participating in Macro Vision, an event hosted by Itaú BBA, according to the newspaper. The State of S. Paul.
Presidential meeting in negotiation
Asked if he would participate in the meeting being arranged between Presidents Luiz Inácio Lula da Silva and Donald Trump, the current president of the United States, Haddad said that the decision rests with the head of the Executive branch, but assured that he is available.
The tariff increase is seen as "shooting oneself in the foot."
Haddad described the current climate between Brazil and the United States as "artificial anmosis" and stated that the situation is likely to be overcome. In his assessment, the US tariffs, which have increased the cost of products such as coffee and meat by up to 40%, are also harming the US economy. "It makes no sense whatsoever for the US to pay more for coffee, for meat, it makes no sense at all," he criticized.
History of negotiations
The minister recalled that he met with Bessent in Washington in May. At that meeting, the Treasury Secretary had indicated that it would not be logical to impose trade barriers on South America. "Then, two months later, everything changes, and a tariff of 40% extra on some products is introduced. Everyone will agree that it makes no sense whatsoever, from an economic point of view, neither for him nor for us," he stated.
Economic impact and outlook
Haddad highlighted that, from a macroeconomic perspective, the effects of the tariffs should be limited. However, specific sectors of the Brazilian economy are feeling the impact of the measures more intensely.
According to the minister, it is only a matter of time before a more "rational" debate begins between countries, separating economics from politics. He cited President Lula's speech at the UN General Assembly as a positive step towards creating a more friendly environment. "It created a more friendly climate, we have to explore that," he assessed.
