Brazil launches 3.65 bln USD credit line to counter U.S. tariffs

Brazilian President Lula da Silva on Wednesday announced 3.65 billion U.S. dollars in new credit lines for companies affected by the U.S. additional 25-percent tariff on Brazilian products.

Lula said that his government would continue negotiations with the United States, while seeking new markets to expand exports, and that Brazil would focus on expanding its presence in other international markets. The move will be the third phase of a program the Brazilian government created last year in response to an initial round of U.S. tariffs. The program, Sovereign Brazil, provides subsidized credit lines and encourages affected industries to seek new markets.