Brasilia, July 16 -- Brazilian President Luiz Inacio Lula da Silva's administration announced today that it will initiate formal retaliatory actions after the United States imposed 25 per cent tariffs on Brazilian goods, citing a violation of multilateral trade rules.

In a statement released by the Social Communication Secretariat of the Presidency of the Republic on X, the Brazilian government formally "repudiates the decision announced today by the US government regarding the imposition of 25% tariffs on Brazilian products, based on Section 301 of the Trade Act of 1974".

Addressing the economic impact, the Brazilian government noted that the United States has historically maintained a significant trade surplus.

"The Brazilian governm...