Brazil’s Finance Minister Fernando Hadad admitted on Monday that trade negotiations between his country and America could fail to be resolved before an Aug. 1 deadline. That is when President Donald Trump’s administration intends to impose 50% tariffs on various Brazilian exports.

Brazil's finance minister said on Monday his country would not give up negotiating with the U.S. but acknowledged that a trade deal may fail to be reached by August 1, when President Donald Trump's 50% tariffs on Brazilian goods are due to take effect.

US tariff negotiations have heated, as the August 1 deadline looms, with countries scrambling to avoid steep new duties. Deals with the EU, Japan and others have been struck, but talks with South Korea,

President Claudia Sheinbaum spoke to her Brazilian counterpart, President Luiz Inácio Lula da Silva (Lula), on Wednesday ahead of a visit to Mexico by a Brazilian government and business delegation next month.

The world is no longer panicking over US trade threats but laying the foundation for an environment where Washington can no longer hold it over a barrel

Mr Trump and Brazil’s president, Luiz Inácio Lula da Silva, are ideological foes and Mr Trump’s allies have long decried a probe Mr Moraes leads into online disinformation. Yet the trigger for Mr Trump’s attack appears to have been the summit of the BRICS,