Sunday, November 29, 2020

Brazil eyes on Trump’s win for the economic revival

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Hailey Warner
Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Brazil is waiting for US President Donald Trump to win the US elections, for the sake of trade agreements between the two parties. The Brazilian “Bolso” said that the waiting environment in the Brazilian economy will prevail in the coming days, until the results of the American presidential elections, which will be held on Tuesday, November 3, are announced. Those elections are not only limited to the United States, but also to the whole world, among which is Brazil.

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Donald Trump’s re-election affects important agendas such as infrastructure and agricultural chains, and the occupant of the White House for the next four years will decide to pursue the free trade agreement between the two countries and the issues demanded by Brazil, such as joining the Organization for Economic Cooperation and Development.

The Trump administration has given nods to Brazil in this regard as well as to simplify the bilateral trade agreement.

Experts say, especially with regard to protecting the Amazon, is one of the most important factors in Brazil’s support for Trump.

José Augusto de Castro, president of the Brazilian Foreign Trade Association, agrees (AEB), that the priority for any government that takes over the White House in the new state will be the health crisis resulting from the Coronavirus, which should not open the door to changes, agreements with Brazil. “Trade between the two countries is mostly done by private companies and not the government. I find it unlikely that Biden will place any kind of tariff barriers on Brazil or that the environmental issue will reduce exports.

The United States, Brazil’s second-largest trading partner, is the largest buyer of Brazilian manufactured goods, but it is a far cry from past figures, according to Castro. About 60% of Brazilian exports to the United States are value-added products and the two countries’ trade balance is in deficit. Brazil for years. “In the last 12 years, in just two years, we had a small surplus,” he said.

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With the epidemic, trade between Brazil and the United States decreased dramatically in the first nine months of this year, compared to the same period last year, and the Brazilian deficit with the United States has exploded. According to the data of the Ministry of Foreign Trade under the Ministry of Economy, Brazilian exports to the United States decreased by 31.5% to 15.16 billion US dollars. It is the lowest value in more than 10 years. Imports also fell, but by a smaller percentage, by 18.8%, to close at 18.3 billion.

The United States is the main foreign investor in Brazil, and it is the second trading partner of Americans in Latin America, and this relationship should not suffer a setback in any of the scenarios, “say experts.

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Hailey Warner
Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.
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