Weekly Report - 23 July 2026 (WR-26-29)

The 25% tariffs on many Brazilian products announced by the Office of the US Trade Representative (USTR) last week [WR-26-28] took effect on 22 July. The government of President Luiz Inácio Lula da Silva responded by opening a credit line of R$18.5bn (US$3.65bn) to support businesses impacted by the new tariffs. The Lula administration has also been holding meetings with business leaders, who have warned the government against starting a trade war by enacting reciprocal measures.