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Weekly Report - 30 October 2025 (WR-25-43)
BRAZIL: Tariff talks kick off with Lula-Trump meeting
At the summit of the Association of Southeast Asian Nations (Asean) in Malaysia on 26 October, Brazil’s President Luiz Inácio Lula da Silva held his first in-person meeting with US President Donald Trump. Bilateral tensions escalated from July-September but in recent weeks Lula and Trump have been signalling a willingness to shore up relations and begin negotiating a new tariff deal [WR-25-40]. A steep tariff rate of 50% has been applied to many Brazilian products since 6 August, and the coming weeks are expected to see more dialogue between Brazilian and US officials, although it is unclear what sort of concessions the Lula administration can make to convince the Trump government to revise the tariff rates.
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