Brazil expands trade with China following US tariffs

Brazil has increased its trade with China by 20% after experiencing a significant decline in trade with the United States following tariffs introduced by the Trump administration, Brazilian President Luiz Inácio Lula da Silva said at a press conference in Manila on the sidelines of the ASEAN Summit, Report informs via foreign media.

"Rather than seeking concessions from the United States, Brazil decided to diversify its export and import markets," he said.

According to the Brazilian president, the US share in Brazil's foreign trade has fallen to 9.2% as a result of the tariffs.

Lula da Silva noted that Brazil's trade turnover with 50 countries has increased by an average of 10.5%.

"Trade with China has grown by about 20%, with Germany by 15.8%, with Indonesia by 15%, and with Vietnam by 13%," he added.

The president also emphasized that Brazil is seeking to obtain the status of a permanent partner of the Association of Southeast Asian Nations (ASEAN).

Lula da Silva pointed out that such a status would help double trade turnover with ASEAN member states and reduce dependence on any single trading partner.

The 49th ASEAN Summit is being held in Manila, Philippines, from November 15 to 17.