SPE: Impact of US Tariffs Tends to Be Insignificant for 2025 Growth

By Giordanna Neves Brasília, 07/11/2025 - The Secretariat of Economic Policy (SPE) assessed this Friday that the impact of the increase in import tariffs from the United States to Brazil from 10% to 50% tends to be insignificant for 2025 growth, although some manufacturing industry sectors may be particularly harmed. The analysis is in the Macrofiscal Bulletin released today, despite this scenario not having been incorporated into the document's projections. According to the SPE, exports correspond to about 18% of Brazilian GDP, with approximately 12% going to the United States. However, basic products account for a larger share of exported items, highlighting crude oil, iron, steel, cellulose, coffee, orange juice, and beef. These basic products, according to the SPE, tend to be more easily redirected to other countries ...