Brazil Roundup: BRICS response to Trump’s tariffs, Bolsonaro coup trial, COP30 hosting

BRICS leaders to meet over Trump’s trade tariffs

The leaders of the BRICS nations will hold a virtual meeting next Monday to discuss U.S. President Donald Trump’s tariffs. Trump has imposed tariffs on all BRICS countries, with Brazil and India facing the highest rates. The meeting is being organised by Brazil’s President Luiz Inacio Lula da Silva, who aims to address the tariffs and strengthen multilateral cooperation. Washington pushed for trade deals favourable to America, but India’s resistance in key sectors has delayed an agreement. Trump responded by adding a 25% tariff on India’s imports of Russian oil, bringing its total tariffs to 50%.

Brazil starts process to impose reciprocal tariffs on US

Brazil has initiated the process of imposing reciprocal tariffs on the U.S. following Washington’s 50% duties that took effect on August 6. Vice President and Development Minister Geraldo Alckmin said the country’s foreign trade chamber, Camex, has 30 days to decide on countermeasures. A new economic reciprocity law allows Brazil to apply tariffs on goods, services, and intellectual property. The government had earlier sought negotiations and requested World Trade Organisation intervention. 

Bolsonaro’s coup trial enters final phase 

The trial of Brazil’s former President Jair Bolsonaro is entering its final stage ahead of the verdict expected by September 12. Bolsonaro is accused of attempting a coup to stay in power after his 2022 election defeat, leading to the January 8, 2023, storming of government buildings in Brasília. He faces charges including leading an armed criminal organisation, attempted coup, and damage to federal property, which could result in more than 40 years in prison. Bolsonaro denies wrongdoing, calling the case politically motivated. His cause has been supported by U.S. President Donald Trump, who labelled the trial a “witch-hunt.”

Brazil calls for ‘COP of Truth’ at COP30 in the Amazon

Brazil’s Environment Minister Marina Silva has urged that COP30, scheduled for November in Belém, be a “COP of truth” to guide the next decade of climate action. Speaking at the Asia Dialogue of the Global Ethical Stocktake in New Delhi, Silva said the summit must review Paris Agreement commitments, assess new national pledges, and strengthen climate finance. She criticised past actions such as the U.S. withdrawal from the Paris accord, warning that tariff wars undermine cooperation. Silva outlined Brazil’s priorities, including tripling renewable energy, doubling efficiency, halting deforestation, and phasing out fossil fuels. 

State dev’t bank launches $3.3 billion green economy fund initiative

Brazil’s state development bank BNDES has launched a programme to boost climate-focused investment funds, offering 5 billion reais ($912 million) in seed capital to generate 18 billion reais ($3.28 billion) in total investments. The initiative, the largest public call in BNDES’s history, aims to support projects in industrial decarbonisation, energy transition, green agriculture, and forest conservation.