Brazil, the world’s second biggest agricultural exporter, is bracing for additional punitive US tariffs because it has been one of the largest buyers of Russian diesel and fertiliser since the war in Ukraine began, enjoying hundreds of millions of dollars in discounts on its fuel purchases.
President Donald Trump has already imposed 50 per cent duties on most Brazilian goods to press his demands that Brazil halt the trial of his far-right ally Jair Bolsonaro on coup charges and ease off on regulating US social media companies.
But after Trump raised tariffs on India, the biggest market for Russian crude since 2023, and ordered officials to monitor other countries’ purchases of Moscow’s oil products with a view to additional duties, Brazilian politicians and business leaders believe the country could be the next target.