Brazil Denies Imposing Tariffs on U.S. Tech Companies
Brazil’s Finance Minister denied reports on Monday claiming that the country was planning to impose tariffs on U.S. tech companies in retaliation for President Donald Trump’s proposal to introduce a 25% tariff on all U.S. steel imports.
“The information is incorrect,” Fernando Haddad wrote on social media after the newspaper Folha de S.Paulo reported that President Luiz Inácio Lula da Silva’s government was considering imposing tariffs on major tech firms.
Brazil is a key supplier of steel to the United States and a significant market for many leading tech companies. According to the report, which cited a Brazilian official, companies potentially facing tariffs included Amazon, Meta Platforms (Facebook and Instagram), and Google (owned by Alphabet). The Finance Ministry had previously floated the idea of taxing large tech companies in 2024 to help meet fiscal targets in case of a government revenue shortfall.
Background
Trump recently imposed 25% tariffs on trade with Colombia and implemented visa and other sanctions on Sunday after Colombian President Gustavo Petro refused to allow U.S. military flights deporting migrants. The standoff ended within hours after Bogotá conceded to Washington’s demands.
The dramatic dispute, largely played out on social media, has unsettled Latin American nations, already alarmed by Trump’s threats to use military force to reassert U.S. control over the Panama Canal and impose steep tariffs on Mexico, the U.S.’s largest trading partner.
In the region, Mexican President Claudia Sheinbaum is seen as handling Trump more effectively. While publicly voicing disagreements with U.S. policy in a measured tone, she has privately conceded to many of Trump’s demands on migrant readmission and fentanyl trafficking control.
ABOUT THE AUTHOR
See More
Sidebar rates
Best Forex Brokers
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals