Itaú Unibanco's chief economist, Mario Mesquita, has suggested that the benefits Brazil may gain from a new trade war prompted by Donald Trump's tariffs could be smaller than during Trump's first term. This is due to Brazil's already large market share in soybean exports to China and the possibility of Brazil being targeted with broader tariffs by Trump. Mesquita anticipates that the United States may raise tariffs, while Brazil is unlikely to lower its tariffs on imports from the United States, especially ethanol. Consequently, Mesquita forecasts that the benefits Brazil may derive from such a trade war would be diminished.