IBOV 168,498.45 ▲ 1.39% IPC MEX 71,393.57 ▲ 0.43% MERVAL 2,848,945 — — USD/BRL5.52▲ 0.19% USD/MXN18.66▲ 0.16% USD/CLP967.93▼ 0.89% USD/COP3,246▲ 0.18% USD/PEN3.42▼ 0.79% USD/ARS1,545▼ 0.03% USD/UYU 40.31 — 0.00% USD/PYG 6,358 — 0.00% USD/BOB 11.81 — 0.00% USD/DOP60.63▲ 0.07% USD/CRC 448.27 — 0.00% USD/GTQ 7.64 — 0.00% USD/HNL 26.88 — 0.00% USD/NIO 36.62 — 0.00% USD/VES895.29▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.83— 0.00% USD/TTD6.72— 0.00% EUR/BRL6.18▲ 0.81% BRENT 94.31 ▼ 4.08% WTI 87.70 ▼ 3.45% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.79% GOLD 4,128 ▲ 1.30% SILVER 52.70 ▲ 1.73% SOY 1,196 ▲ 0.57% CORN 442.75 ▲ 0.28% WHEAT 590.75 ▼ 0.08% COFFEE 279.05 ▼ 0.34% SUGAR 18.36 ▲ 0.66% ORANGE JUICE 130.55 ▲ 1.63% COTTON 79.72 ▲ 0.77% COCOA 5,155 — 0.00% BEEF 214.05 ▼ 0.16% CATTLE 322.33 ▼ 0.84% LITHIUM 60.91 ▲ 1.21% PETR4 45.36 — 0.00% VALE3 64.04 — 0.00% ITUB4 40.53 — 0.00% BBDC4 14.20 — 0.00% ABEV3 15.48 — 0.00% BBAS3 17.13 — 0.00% B3SA3 14.39 — 0.00% WEGE3 48.19 — 0.00% PRIO3 60.48 — 0.00% SUZB3 53.40 ▲ 2.12% RENT3 30.29 — 0.00% AZZA3 14.76 ▲ 4.98% CSAN3 2.77 — 0.00% RAIZ4 28.00 ▲ 2.56% PCAR3 2.40 ▲ 0.42% GMAT3 3.80 — 0.00% PSSA3 44.35 ▲ 1.46% CVCB3 0.84 ▲ 2.44% POSI3 3.09 ▼ 0.64% SLCE3 16.61 ▲ 1.59% NATU3 5.17 — 0.00% BRKM5 3.20 — 0.00% RANI3 8.53 ▲ 0.83% CSNA3 4.41 — 0.00% IBOV 168,498.45 ▲ 1.39% IPC MEX 71,393.57 ▲ 0.43% MERVAL 2,848,945 — — USD/BRL 5.51 ▼ 0.01% USD/MXN 18.61 ▼ 0.12% USD/CLP 968.58 ▼ 0.83% USD/COP 3,234 ▼ 0.21% USD/PEN 3.42 ▼ 0.58% USD/ARS 1,545 ▼ 0.03% USD/UYU 40.31 — 0.00% USD/PYG 6,358 — 0.00% USD/BOB 11.81 — 0.00% USD/DOP 60.63 ▲ 0.07% USD/CRC 448.27 — 0.00% USD/GTQ 7.64 — 0.00% USD/HNL 26.88 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 895.29 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.83 ▲ 2.67% USD/TTD 6.72 ▲ 2.44% EUR/BRL 6.16 ▲ 0.60% BRENT 94.31 ▼ 4.08% WTI 87.70 ▼ 3.45% IRON ORE 161.91 — — COPPER 6.33 ▲ 1.79% GOLD 4,128 ▲ 1.30% SILVER 52.70 ▲ 1.73% SOY 1,196 ▲ 0.57% CORN 442.75 ▲ 0.28% WHEAT 590.75 ▼ 0.08% COFFEE 279.05 ▼ 0.34% SUGAR 18.36 ▲ 0.66% ORANGE JUICE 130.55 ▲ 1.63% COTTON 79.72 ▲ 0.77% COCOA 5,155 — 0.00% BEEF 214.05 ▼ 0.16% CATTLE 322.33 ▼ 0.84% LITHIUM 60.91 ▲ 1.21% PETR4 45.36 — 0.00% VALE3 64.04 — 0.00% ITUB4 40.53 — 0.00% BBDC4 14.20 — 0.00% ABEV3 15.48 — 0.00% BBAS3 17.13 — 0.00% B3SA3 14.39 — 0.00% WEGE3 48.19 — 0.00% PRIO3 60.48 — 0.00% SUZB3 53.40 ▲ 2.12% RENT3 30.29 — 0.00% AZZA3 14.76 ▲ 4.98% CSAN3 2.77 — 0.00% RAIZ4 28.00 ▲ 2.56% PCAR3 2.40 ▲ 0.42% GMAT3 3.80 — 0.00% PSSA3 44.35 ▲ 1.46% CVCB3 0.84 ▲ 2.44% POSI3 3.09 ▼ 0.64% SLCE3 16.61 ▲ 1.59% NATU3 5.17 — 0.00% BRKM5 3.20 — 0.00% RANI3 8.53 ▲ 0.83% CSNA3 4.41 — 0.00%
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Monday, November 9, 2026

Brazil Politics - Brazil

Lula Takes on Trump, Downplays U.S. Economic Leverage

By · · 2 min read

Brazilian President Luiz Inácio Lula da Silva, in a February 20, 2025, Radio Tupi interview, sharply criticized U.S. President Donald Trump.

He dismissed Trump’s global influence, stating he governs only the U.S., not the world, and claimed Brazil no longer depends on American trade. This bold stance followed Trump’s late January remark that Brazil needs the U.S. more than the reverse, a comment sparking Lula’s rebuttal.

Trade figures tell a different story behind Lula’s words. The U.S., Brazil’s second-largest partner after China, saw $74.8 billion in bilateral trade in 2023, per Brazil’s Foreign Trade Secretariat.

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Exports hit $40 billion in 2024, while U.S. investments in Brazil reached $192 billion in 2022, dwarfing Brazil’s $27 billion in the U.S. These numbers highlight a deep economic link.

Lula also challenged Trump’s tariff threats, promising equal retaliation if imposed. Trump’s 25% steel tariff already stings Brazil’s $1.5 billion industry, yet Lula warned such moves could raise U.S. inflation.

Lula Takes on Trump, Downplays U.S. Economic Leverage
Lula Takes on Trump, Downplays U.S. Economic Leverage.
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However, Brazil’s $2.3 trillion economy pales against America’s $27 trillion, raising doubts about its leverage in a trade spat. Diplomatically, the U.S. shapes Brazil’s global role. As Brazil leads the G20 in 2025 and hosts COP30, American support, like the $500 million Amazon Fund pledge, remains key.

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Meanwhile, Trump’s sway over institutions like the UN Security Council affects Brazil’s ambitions, making Lula’s jab a risky move. Context adds weight to this tension. Lula, facing domestic woes after 2024 election losses and a weakening real, pushes a defiant image.

Yet, Brazil’s reliance on U.S. demand for steel, coffee, and tech, plus China’s slowing growth, limits his options. Critics argue his stance prioritizes ideology over stability.

Lula’s critique portrays Trump as overreaching, but the stakes loom large. A misstep could strain a partnership sustaining millions of jobs and Brazil’s international clout.

Observers note that while Lula asserts sovereignty, the numbers reveal a tighter bond with the U.S. than he admits, leaving Brazil vulnerable if Trump pushes back. This exchange underscores a fragile balance. Lula’s words test a relationship too critical to dismiss, with real consequences hanging in the air.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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Brazil runoff date: Sunday, October 25, poll closing times and when results start · Brazil runoff polls: Flávio 51%, Lula 49% · Kalshi and Polymarket odds

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