Brazilian President Luiz Inacio Lula da Silva attends the signing ceremony for the bill allocating funds to credit lines in Brasilia, Brazil, July 22, 2026. Lula on Wednesday announced 18.5 billion reais (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. (Photo by Lucio Tavora/Xinhua)
SAO PAULO, July 22 (Xinhua) -- Brazilian President Luiz Inacio Lula da Silva on Wednesday announced 18.5 billion reais (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.
"We are not going to sit and cry over the products we did not sell to them, because we will look for other buyers," Lula said, noting U.S. protectionist measures had accelerated Brazil's trade diversification.
As the second U.S. tariff hike against Brazil in less than a year took effect Wednesday, Lula said the trade crisis could become an opportunity.
"We are at the negotiating table. We proposed the negotiating table, we have already sent several documents and proposals. We will continue there," he said.
Lula said Brazil had repeatedly sought dialogue with U.S. authorities before the new tariffs took effect.
The 3.65 billion-dollar credit line can be used for working capital, the acquisition of capital goods, productive investments, technological innovation, and the adaptation of products and processes, as well as for prospecting and opening up new markets, according to a government report. ■
Agricultural machines are displayed at a store in Formosa, Goias, Brazil, July 22, 2026. Brazilian President Luiz Inacio Lula da Silva on Wednesday announced 18.5 billion reais (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. (Photo by Lucio Tavora/Xinhua)
Brazilian President Luiz Inacio Lula da Silva (1st L) attends the signing ceremony for the bill allocating funds to credit lines in Brasilia, Brazil, July 22, 2026. Lula on Wednesday announced 18.5 billion reais (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. (Photo by Lucio Tavora/Xinhua)
