“The moment is not one for announcing measures,“ he said at an event hosted by Bradesco BBI.
In this scenario, the worst thing Brazil could do is act without caution, he said.
Haddad said the U.S. tariffs replaced hard quota policies, which could actually help Brazil increase exports to the American market.
On the same day U.S. President Donald Trump unveiled sweeping trade tariffs, Brazil's Congress passed a bill giving the country a legal basis to retaliate against unilateral trade measures, boosting its ability to respond beyond its usual strategy of challenging actions at the World Trade Organization.
Although leftist President Luiz Inacio Lula da Silva said any response to the new U.S. levies would be based on the bill, Vice-President Geraldo Alckmin said Brazil prefers dialogue and does not plan to trigger the new mechanism for now, opting instead to pursue further talks with U.S. counterparts.
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