Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Headlines > Analysis-Trump tariffs put Bolsonaro and Brazilian right in a bind
    Headlines

    Analysis-Trump tariffs put Bolsonaro and Brazilian right in a bind

    Analysis-Trump tariffs put Bolsonaro and Brazilian right in a bind

    Published by Global Banking and Finance Review

    Posted on July 15, 2025

    Featured image for article about Headlines

    By Luciana Magalhaes and Ricardo Brito

    SAO PAULO (Reuters) -U.S. President Donald Trump pitched his 50% tariffs against Brazil as a way to support former President Jair Bolsonaro, but three people close to the right-wing ex-president said they were stunned by the move and fear it may do more harm than good.

    Announcing the higher tariffs in a letter last week, Trump cast them as a pressure tactic to help Bolsonaro, who is on trial before the Brazilian Supreme Court for allegedly plotting a coup to overturn his loss in the 2022 presidential election.

    Bolsonaro has described the accusations as baseless and insisted he will run for president in 2026, despite a court decision that bars him from the race. In his tariff letter, Trump said his ally Bolsonaro is the victim of a "witch hunt."

    Brazil's leftist President Luiz Inacio Lula da Silva, who defeated Bolsonaro in 2022, has neither the interest nor the ability to interfere in the case. Last week, he dismissed Trump as an unwanted "emperor" and threatened retaliation if trade negotiations do not advance.

    Bolsonaro allies fear the steep tariffs, likely to hurt Brazilian sectors from coffee and orange growers to cattle ranching and the aviation industry, could rally national pride behind a defiant Lula, supporting his sagging popularity.

    Backlash against Trump has already given a boost to several of his ideological foes abroad. Left-of-center parties surged to victory in Canadian and Australian elections this year, riding a wave of opposition to Trump's policies, while hard-right Trump allies have struggled in Romania and Hungary.

    Bolsonaro's inner circle had been eager for a display of Trump's support since he returned to the White House. Lawmaker Eduardo Bolsonaro, one of the former president's sons, took a leave of absence from Brasilia and moved with his family to rally support for his father in Washington.

    But the thrill of catching Trump's attention soon curdled as the Bolsonaros realized the crushing weight of the tariffs tied to their cause, according to the sources, who said the family had expected targeted sanctions against one judge overseeing the Supreme Court case.

    Now the Bolsonaro clan has no alternative but to support Trump and his letter, even while understanding that the move "could provoke negative reactions," said one of the sources, requesting anonymity to discuss private conversations.

    SCATHING EDITORIALS

    Last week, in the wake of Trump's tariff announcement, leaders of Brazil's Congress who had been fighting Lula on several fronts issued statements supporting him. 

    "The banner of nationalism holds a very significant appeal, especially within the right-wing camp," said Graziella Testa, a professor of political science at the Getulio Vargas Foundation in Brasília.

    A close association with Trump may prove electorally toxic for allies of Bolsonaro, whose political future was already clouded by the threat of a possible prison sentence and the court decision barring him from public office until 2030.

    "It is absolutely deplorable that there are still people in Brazil who defend Trump," wrote the conservative opinion page of major Brazilian newspaper O Estado de Sao Paulo in an editorial last week. "Wearing Trump's cap today means aligning oneself with a troglodyte who could cause immense damage to the Brazilian economy."

    Bolsonaro representatives declined to comment on the newspaper's editorial.

    On Sunday, the former president tried to show empathy for his supporters without alienating Trump.

    "It doesn't make me happy to see our rural and urban producers, as well as the people, suffer with this 50% tariff," he said on social media, adding: "The solution is in the hands of the Brazilian authorities."

    Other conservative politicians in Brazil are also trying to strike a tricky balance in their public comments.

    Sao Paulo Governor Tarcisio de Freitas, who launched his political career from Bolsonaro's cabinet and is now seen as a possible heir to his electorate, initially blamed Lula's ideology for the tariff hike on social media.

    By Friday, he was shifting focus to Washington, saying on X that he had met with the head of the U.S. Embassy in Brasilia to "open a dialogue ... based on data and consolidated arguments."

    The lawmaker Bolsonaro criticized his former ally's efforts to negotiate a compromise and pinned the blame for the situation squarely on Lula's administration, which the hard-right has sought to characterize as a leftist dictatorship.

    "I'm sorry, but there is no way to ask President Trump — or any remotely decent international authority — to treat a dictatorship as if it were a democracy," he wrote on X. 

    (Reporting by Luciana Magalhaes in Sao Paulo and Ricardo Brito in Brasilia; Editing by Manuela Andreoni, Brad Haynes, Leslie Adler and Rosalba O'Brien)

    Related Posts
    French presidential silverware keeper faces trial over suspected porcelain theft
    French presidential silverware keeper faces trial over suspected porcelain theft
    Ukraine and Portugal agree on co-production of Ukrainian sea drones
    Ukraine and Portugal agree on co-production of Ukrainian sea drones
    Italian police arrest 384, seize 1.4 tonnes of drugs in nationwide crackdown
    Italian police arrest 384, seize 1.4 tonnes of drugs in nationwide crackdown
    How Brazil's deadliest police raid turned into a bloodbath
    How Brazil's deadliest police raid turned into a bloodbath
    Bangladesh holds state funeral for slain youth leader amid tight security
    Bangladesh holds state funeral for slain youth leader amid tight security
    Ukraine says it hit Russian oil rig, patrol ship in Caspian Sea
    Ukraine says it hit Russian oil rig, patrol ship in Caspian Sea
    US, Russian officials to meet in Florida for more Ukraine talks
    US, Russian officials to meet in Florida for more Ukraine talks
    US hits ISIS in Syria with large retaliatory strikes, officials say
    US hits ISIS in Syria with large retaliatory strikes, officials say
    Australia PM says Jewish community 'completely unbreakable' after Bondi attack
    Australia PM says Jewish community 'completely unbreakable' after Bondi attack
    Russia's Dmitriev heading for US to meet Witkoff, Kushner, source says
    Russia's Dmitriev heading for US to meet Witkoff, Kushner, source says
    IMF welcomes EU's 90 billion euro loan to Ukraine, more work to be done
    IMF welcomes EU's 90 billion euro loan to Ukraine, more work to be done
    Israeli attack on school shelter in Gaza City kills 5 Palestinians, hospital chief says
    Israeli attack on school shelter in Gaza City kills 5 Palestinians, hospital chief says

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Headlines PostRussia, Iran and China intensifying life-threatening operations in UK, police say
    Next Headlines PostEU fails to approve new Russia sanctions, ball now in Slovakia’s court, says EU foreign chief

    More from Headlines

    Explore more articles in the Headlines category

    Russian missiles attack port near Ukraine's Odesa, kill seven, officials say

    Russian missiles attack port near Ukraine's Odesa, kill seven, officials say

    Rubio says new governance bodies for Gaza will be in place soon, followed by international force

    Rubio says new governance bodies for Gaza will be in place soon, followed by international force

    Musk wins appeal that restores 2018 Tesla pay deal now worth about $139 billion

    Musk wins appeal that restores 2018 Tesla pay deal now worth about $139 billion

    US intelligence indicates Putin's war aims in Ukraine are unchanged

    US intelligence indicates Putin's war aims in Ukraine are unchanged

    Bondi attack suspects kept to themselves during Philippines stay, hotel staffer recalls

    Bondi attack suspects kept to themselves during Philippines stay, hotel staffer recalls

    UK children's author David Walliams dropped by publisher after harassment allegations

    UK children's author David Walliams dropped by publisher after harassment allegations

    Germany removes dividend ban for Uniper, paving way for IPO

    Germany removes dividend ban for Uniper, paving way for IPO

    Golden Goose gets new majority owner as China's HSG buys stake from Permira

    Golden Goose gets new majority owner as China's HSG buys stake from Permira

    Rubio says not concerned about escalation with Russia over Venezuela

    Rubio says not concerned about escalation with Russia over Venezuela

    French government to appeal court ruling on Shein

    French government to appeal court ruling on Shein

    Rome to charge tourists to get close to the famed Trevi Fountain

    Rome to charge tourists to get close to the famed Trevi Fountain

    Court in Brazil's Minas Gerais slaps down Nestle copyright lawsuit

    Court in Brazil's Minas Gerais slaps down Nestle copyright lawsuit

    View All Headlines Posts