Weekly Report - 16 July 2026 (WR-26-28)

The Office of the US Trade Representative (USTR) announced on 15 July that the US will apply 25% tariffs on numerous Brazilian products. The move is expected to escalate tensions between the administrations of Brazil’s President Luiz Inácio Lula da Silva and US President Donald Trump [WR-26-22]. The Lula administration released a statement criticising the USTR tariff decision, which it described as a severe setback in the history of US-Brazil relations. Crucially, this development could also influence the upcoming presidential election in October, potentially to Lula’s benefit.