Lula: Trump’s tariffs could be “devastating” to world economy
Brazilian President Luiz Inácio Lula da Silva once again expressed concern about the unilateral decision by the US to apply tariffs on products from all their trading partners around the world and pointed to the risk of a “devastating effect” on the world economy.
“We don’t know what the devastating effect of this will be on the economy. We need to know how much this is going to cost from the point of view of the price of products, the multilateral relationship,” he told Brazilian journalists on Wednesday (Apr. 9), after taking part in the Summit of the Community of Latin American and Caribbean States (Celac), in Tegucigalpa, capital of Honduras.
The president was referring to the new decision by the US president, who has further increased tariffs against China while reducing charges for 75 other countries. In president Lula’s view, the move signals a direct confrontation with the Asians and calls into question the sustainability of multilateralism and the balance among nations.
“It’s becoming more and more apparent that it’s [President Trump’s] personal quarrel with China. Well, seeking to negotiate individually means putting an end to multilateralism. And multilateralism is crucial for the economic peace the world needs. The hegemony of one country over the others—whether military, cultural, industrial, technological, or economic—is not acceptable,” he declared.
Regarding Brazil’s stance on the matter, President Lula said there will be reciprocity if, following negotiations, the tariffs are maintained.
“We’re going to use every negotiating word in the dictionary. Once it’s over, we’ll make the decisions we feel are appropriate,” he affirmed.
