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Investing.com -- Brazil’s Finance Minister Fernando Haddad said Monday that trade negotiations with the United States have stalled because the U.S. is demanding what he described as a "constitutionally impossible solution" for Brazil.
According to Haddad, Washington has linked a 50% tariff on Brazilian goods to judicial disputes involving President Jair Bolsonaro. Despite the current impasse, the finance minister expressed optimism that the standoff would not continue for "a year or two."
Haddad predicted that bilateral trade between Brazil and the U.S. would "fall even further" as a result of the dispute. He also noted that U.S. President Donald Trump "doesn’t want to talk to" Brazilian President Luiz Inácio Lula da Silva.
On a more positive note, Haddad stated that the Mercosur-EU trade agreement would be completed by the end of the year.
The finance minister also expressed concern about Brazil’s interest rate level, which he characterized as "ultra restrictive."
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