Brazil now faces the highest non-reciprocal US tariff rates in the world – a stark sign of the breakdown in US-Brazil relations. And these tariffs come as Brazil’s balance of payments weakens, as its growth slows and as attention begins to shift to next year’s presidential election. How will the economy fare under these pressures into 2026? What scope is there for fiscal and monetary support? And how will Trump’s attacks and global fracturing shape Brazil’s trajectory?
Our Latin America economists hosted this 20-minute online briefing on the Brazilian outlook to answer client questions.
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