Haddad Says U.S. Tariff Hike on South American Imports “Makes Little Sense”

Finance Minister Fernando Haddad stated that it “makes little sense” for the United States to increase import tariffs on South American products, given that the continent runs a trade deficit with the American economy. His comments came after his first meeting with U.S. Treasury Secretary Scott Bessent.

Haddad and Bessent met on Sunday in Los Angeles, where the Finance Minister traveled to visit technology companies and promote Brazil’s Ecological Transformation Plan. Both participants described the meeting as positive, and according to Haddad, the discussions marked the beginning of negotiations to reach “the terms of an understanding” on trade matters.

“It makes little sense to maintain tariffs not only on Brazil but on the region as a whole,” said the Finance Minister on Sunday evening (Brasília time) during a press conference after the meeting. “What matters most right now is that we’re at the table, negotiating the terms of an understanding. I believe the secretary’s posture was very constructive and showed a strong openness to dialogue.”

Here is a historical overview of Brazilian exports to the United States starting from January 2022. The data is from DataLiner:

Brazilian Exports to the United States | Jan 2022 – Mar 2025 | TEUs

Source: DataLiner (Click here to request a demo)

According to Haddad, the conversation covered other key topics, such as “Brazil’s comparative advantages in attracting investment in green energy, critical minerals, and so on, including discussions on bilateral relations.”

Bessent, for his part, posted on X that he had a “good first conversation in person” with Haddad.

“It was great to hear his perspective on the economic ties between the United States and Brazil, and I emphasized the importance of our bilateral relationship in the Western Hemisphere,” he wrote.

Source: Valor

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