Brazil's finance minister Fernando Haddad reportedly said on Thursday that they will have to find a way to overcome the tariff situation, highlighting that his country has historically good relations with the U.S.
The official argued that the U.S. tariff decision is political rather than economically rational, noting that even the previous 10% tariff made no sense since the U.S. runs a trade surplus with Brazil.
Haddad also said a 50% tariff is unsustainable and added that he does not think it will remain in place.