Lula thanks China for beef win and tells US after tariffs: I will sell to someone else
Brazilian President Luiz Inácio Lula da Silva said China has opened new purchase quotas for Brazilian beef and that Brazil is finding alternative markets in response to US tariffs. Lula said growth in the China market provides important compensation after additional US duties on Brazilian exports.
South China Morning Post · Igor PatrickAccording to South China Morning Post reporting, Lula said Brazil's beef export volumes to the China market have expanded rapidly in recent months. Adjustments to Beijing's agricultural import quotas have supported Brazilian producers' cash flow.
The 12.5 percent additional US tariffs implemented in April have accelerated Brazilian exporters' market-diversification strategy. A Brazilian Ministry of Agriculture official told SCMP that China alone could account for an additional two billion dollars in annual purchases.
Analysts have read the picture cautiously. Economist Adriana Ribeiro told SCMP that growing dependence on the China market may pose structural risks in the medium term. Shares of major meat processors such as JBS responded positively on the Brazilian exchange. Reuters reported that the technical timetable for the talks will be released in the coming weeks.
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