IBOV 174,197 ▲ 1.16% IPSA 10,470 ▼ 1.47% IPC MEX 68,786 ▲ 0.95% MERVAL 3,224,264 ▼ 0.57% COLCAP 2,254.58 ▲ 3.57% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.00 ▼ 0.48% USD/MXN 17.28 ▼ 0.52% USD/CLP 887.60 ▼ 0.49% USD/COP 3,568 ▼ 3.03% USD/PEN 3.40 ▲ 0.06% USD/ARS 1,427 ▼ 0.05% USD/UYU 40.32 ▲ 1.82% USD/PYG 6,011 ▲ 1.79% USD/BOB 6.86 ▲ 1.80% USD/DOP 58.33 ▲ 0.50% USD/CRC 454.82 ▲ 3.36% USD/GTQ 7.62 ▲ 2.20% USD/HNL 26.63 ▲ 0.37% USD/NIO 36.62 ▲ 0.26% USD/VES 556.58 ▲ 0.51% USD/PAB 1.00 ▲ 2.18% USD/BZD 2.00 ▲ 1.61% USD/JMD 156.68 ▲ 0.44% USD/TTD 6.70 ▲ 0.54% EUR/BRL 5.82 ▼ 0.81% BRENT 95.90 ▲ 0.97% WTI 93.57 ▲ 1.53% IRON ORE 161.91 — — COPPER 6.67 ▲ 2.29% GOLD 4,520 ▲ 1.01% SILVER 75.55 ▲ 0.72% SOY 1,165 ▼ 1.38% CORN 440.00 ▼ 0.90% WHEAT 602.50 ▼ 1.03% COFFEE 259.15 ▼ 0.56% SUGAR 14.38 ▼ 0.48% ORANGE JUICE 160.00 ▲ 6.67% COTTON 78.10 ▲ 1.91% COCOA 4,074 ▲ 4.60% BEEF 239.80 ▼ 3.69% CATTLE 348.90 ▼ 0.75% LITHIUM 86.40 ▲ 0.36% PETR4 41.57 ▼ 0.24% VALE3 85.00 ▲ 4.04% ITUB4 39.56 ▲ 0.51% BBDC4 17.75 ▲ 1.54% ABEV3 16.45 ▲ 0.12% BBAS3 19.89 ▼ 0.95% B3SA3 16.28 ▲ 0.18% WEGE3 42.00 ▼ 2.33% PRIO3 61.98 ▼ 1.34% SUZB3 40.43 ▼ 0.54% RENT3 41.83 ▲ 1.19% AZZA3 18.99 ▲ 1.12% CSAN3 3.88 — 0.00% RAIZ4 0.38 ▼ 5.00% PCAR3 1.57 ▼ 2.48% GMAT3 4.21 ▲ 1.69% PSSA3 48.74 ▲ 1.54% CVCB3 1.54 ▼ 0.65% POSI3 4.06 ▼ 0.98% SLCE3 15.29 ▲ 0.53% NATU3 9.86 ▲ 0.20% BRKM5 10.01 ▼ 2.15% RANI3 7.86 ▼ 1.01% CSNA3 7.13 ▲ 8.86% CMIN3 4.78 ▲ 5.29% USIM5 12.04 ▲ 8.57% GGBR4 24.65 ▲ 6.53% ENEV3 25.35 ▲ 1.89% NEOE3 33.80 — 0.00% CPFE3 43.50 ▲ 1.52% CMIG4 11.00 ▲ 1.76% EQTL3 39.07 ▲ 1.67% LREN3 15.52 ▲ 3.33% VIVT3 33.80 ▲ 1.65% RAIL3 14.19 ▲ 1.94% KLABIN 16.91 ▲ 1.62% RAIA DROGASIL 18.10 ▲ 1.34% RDOR3 34.25 ▲ 1.12% HAPV3 12.23 ▲ 0.25% FLRY3 15.33 ▲ 0.13% SMTO3 17.50 ▲ 1.63% UGPA3 25.71 ▲ 1.18% VBBR3 30.13 ▲ 0.74% BBSE3 35.13 ▲ 0.29% BPAC11 53.25 ▲ 0.95% CURY3 31.33 ▲ 0.03% AERI3 2.34 ▼ 2.50% VIVARA 21.40 ▼ 0.70% COMPASS 26.50 ▲ 0.45% VAMOS 2.97 ▼ 1.00% SANB11 27.36 ▲ 0.55% ASAI3 9.05 ▲ 5.23% SBSP3 27.69 ▲ 1.50% WALMEX 51.83 ▼ 0.58% GMEXICO 219.90 ▲ 1.80% FEMSA 207.45 ▲ 1.45% CEMEX 22.67 ▼ 0.70% GFNORTE 182.66 ▲ 1.24% BIMBO 57.99 ▲ 0.80% TELEVISA 9.25 ▼ 0.75% AMX 22.22 ▲ 1.28% GAP 414.92 ▲ 3.52% ASUR 302.86 ▲ 2.09% OMA 222.76 ▲ 2.74% KOF 187.88 ▲ 1.39% GRUMA 293.39 ▲ 1.05% KIMBER 38.30 ▼ 0.93% SQM-B 71,771 ▼ 3.60% COPEC 6,180 ▼ 2.52% BSANTANDER 69.05 ▼ 0.29% FALABELLA 5,580 ▼ 1.15% ENELAM 77.59 ▼ 0.53% CENCOSUD 2,170 ▲ 1.12% CMPC 1,050 ▼ 1.45% BANCO CHILE 166.19 ▼ 0.24% LATAM AIR 22.72 ▼ 1.56% YPF 83,275 ▲ 2.12% GGAL 7,585 ▼ 0.72% PAMPA 5,185 ▼ 1.05% TXAR 691.00 ▲ 0.36% ALUAR 1,000 ▼ 2.91% TGS 9,470 ▲ 0.48% CEPU 2,368 ▼ 1.13% MIRGOR 17,075 ▼ 0.73% COME 49.48 ▼ 1.43% LOMA NEGRA 3,505 ▼ 4.30% BYMA 293.00 ▼ 2.74% TELECOM ARG 4,173 ▼ 3.75% ECOPETROL 15.99 ▼ 1.60% BANCOLOMBIA 73.76 ▲ 0.53% GRUPO AVAL 4.95 ▼ 3.88% CREDICORP 344.15 ▲ 1.05% SOUTHERN COPPER 201.36 ▲ 3.46% BUENAVENTURA 34.79 ▼ 1.02% MERCADOLIBRE 1,673 ▼ 3.36% NUBANK 11.93 ▼ 8.16% XP 16.20 ▼ 2.41% PAGSEGURO 9.22 ▼ 2.23% STONE 11.24 ▼ 3.85% GLOBANT 42.29 ▼ 4.84% TECNOGLASS 43.76 ▲ 0.44% GAP AIRPORT 239.98 ▲ 3.70% ASUR 302.86 ▲ 2.09% OMA AIRPORT 103.51 ▲ 3.22% AMX ADR 25.70 ▲ 1.96% FEMSA ADR 120.14 ▲ 2.05% CEMEX ADR 13.08 ▼ 0.15% PETROBRAS ADR 18.72 ▼ 0.74% VALE ADR 16.82 ▲ 3.19% ITAU ADR 7.86 ▲ 0.90% SANTANDER BR 5.49 ▲ 1.11% AMBEV ADR 3.25 ▲ 0.34% CSN 1.43 ▲ 8.78% GERDAU 4.90 ▲ 7.46% LATAM ADR 51.01 ▼ 2.00% BTC 66,830 ▼ 6.30% ETH 1,894 ▼ 5.47% SOL 74.79 ▼ 7.77% XRP 1.21 ▼ 6.29% BNB 655.98 ▼ 5.22% ADA 0.21 ▼ 7.27% DOGE 0.09 ▼ 7.46% AVAX 8.27 ▼ 7.24% LINK 8.45 ▼ 6.47% DOT 1.09 ▼ 5.67% LTC 47.94 ▼ 5.48% BCH 278.91 ▼ 4.86% TRX 0.33 ▼ 2.41% XLM 0.22 ▼ 9.05% HBAR 0.09 ▼ 5.63% NEAR 2.59 ▼ 1.77% ATOM 1.80 ▼ 5.19% AAVE 74.56 ▼ 6.95% SELIC 14.50% EMBRAER 71.95 ▼ 0.30% EMBRAER ADR 57.26 ▲ 0.53% JBS 12.21 ▲ 0.91% JBS BDR 60.61 ▲ 0.02% MBRF3 15.85 ▲ 0.13% MBRFY 3.24 ▲ 2.86% INTER 6.00 ▼ 2.76% EGX 52,927 ▲ 0.14% USD/ZAR 16.23 ▼ 0.29% USD/NGN 1,362 ▼ 0.37% NIKKEI 66,734 ▼ 0.30% CSI300 4,915 ▲ 1.45% HSI 26,038 ▲ 2.52% NIFTY 23,484 ▲ 0.43% KOSPI 8,801 ▲ 0.15% JCI 6,195 ▲ 1.11% USD/JPY 159.94 ▲ 0.22% USD/CNY 6.7617 ▼ 0.04% DAX 25,124 ▲ 0.48% CAC 8,209 ▲ 0.77% FTSE 10,374 ▲ 0.33% MIB 50,579 ▲ 1.61% IBEX 18,272 ▲ 0.48% STOXX 625.34 ▲ 0.66% EUR/USD 1.1635 ▼ 0.03% GBP/USD 1.3468 ▲ 0.04% SPX 7,610 ▲ 0.13% DJI 51,308 ▲ 0.45% NDX 30,661 ▲ 0.48% RUT 2,932 ▲ 0.90% TSX 35,169 ▲ 1.25% VIX 15.77 ▼ 1.74% USD/CAD 1.3836 ▲ 0.01% US10Y 4.4550 ▼ 0.45% IBOV 174,197 ▲ 1.16% IPSA 10,470 ▼ 1.47% IPC MEX 68,786 ▲ 0.95% MERVAL 3,224,264 ▼ 0.57% COLCAP 2,254.58 ▲ 3.57% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.00 ▼ 0.48% USD/MXN 17.28 ▼ 0.52% USD/CLP 887.60 ▼ 0.49% USD/COP 3,568 ▼ 3.03% USD/PEN 3.40 ▲ 0.06% USD/ARS 1,427 ▼ 0.05% USD/UYU 40.32 ▲ 1.82% USD/PYG 6,011 ▲ 1.79% USD/BOB 6.86 ▲ 1.80% USD/DOP 58.33 ▲ 0.50% USD/CRC 454.82 ▲ 3.36% USD/GTQ 7.62 ▲ 2.20% USD/HNL 26.63 ▲ 0.37% USD/NIO 36.62 ▲ 0.26% USD/VES 556.58 ▲ 0.51% USD/PAB 1.00 ▲ 2.18% USD/BZD 2.00 ▲ 1.61% USD/JMD 156.68 ▲ 0.44% USD/TTD 6.70 ▲ 0.54% EUR/BRL 5.82 ▼ 0.81% BRENT 95.90 ▲ 0.97% WTI 93.57 ▲ 1.53% IRON ORE 161.91 — — COPPER 6.67 ▲ 2.29% GOLD 4,520 ▲ 1.01% SILVER 75.55 ▲ 0.72% SOY 1,165 ▼ 1.38% CORN 440.00 ▼ 0.90% WHEAT 602.50 ▼ 1.03% COFFEE 259.15 ▼ 0.56% SUGAR 14.38 ▼ 0.48% ORANGE JUICE 160.00 ▲ 6.67% COTTON 78.10 ▲ 1.91% COCOA 4,074 ▲ 4.60% BEEF 239.80 ▼ 3.69% CATTLE 348.90 ▼ 0.75% LITHIUM 86.40 ▲ 0.36% PETR4 41.57 ▼ 0.24% VALE3 85.00 ▲ 4.04% ITUB4 39.56 ▲ 0.51% BBDC4 17.75 ▲ 1.54% ABEV3 16.45 ▲ 0.12% BBAS3 19.89 ▼ 0.95% B3SA3 16.28 ▲ 0.18% WEGE3 42.00 ▼ 2.33% PRIO3 61.98 ▼ 1.34% SUZB3 40.43 ▼ 0.54% RENT3 41.83 ▲ 1.19% AZZA3 18.99 ▲ 1.12% CSAN3 3.88 — 0.00% RAIZ4 0.38 ▼ 5.00% PCAR3 1.57 ▼ 2.48% GMAT3 4.21 ▲ 1.69% PSSA3 48.74 ▲ 1.54% CVCB3 1.54 ▼ 0.65% POSI3 4.06 ▼ 0.98% SLCE3 15.29 ▲ 0.53% NATU3 9.86 ▲ 0.20% BRKM5 10.01 ▼ 2.15% RANI3 7.86 ▼ 1.01% CSNA3 7.13 ▲ 8.86% CMIN3 4.78 ▲ 5.29% USIM5 12.04 ▲ 8.57% GGBR4 24.65 ▲ 6.53% ENEV3 25.35 ▲ 1.89% NEOE3 33.80 — 0.00% CPFE3 43.50 ▲ 1.52% CMIG4 11.00 ▲ 1.76% EQTL3 39.07 ▲ 1.67% LREN3 15.52 ▲ 3.33% VIVT3 33.80 ▲ 1.65% RAIL3 14.19 ▲ 1.94% KLABIN 16.91 ▲ 1.62% RAIA DROGASIL 18.10 ▲ 1.34% RDOR3 34.25 ▲ 1.12% HAPV3 12.23 ▲ 0.25% FLRY3 15.33 ▲ 0.13% SMTO3 17.50 ▲ 1.63% UGPA3 25.71 ▲ 1.18% VBBR3 30.13 ▲ 0.74% BBSE3 35.13 ▲ 0.29% BPAC11 53.25 ▲ 0.95% CURY3 31.33 ▲ 0.03% AERI3 2.34 ▼ 2.50% VIVARA 21.40 ▼ 0.70% COMPASS 26.50 ▲ 0.45% VAMOS 2.97 ▼ 1.00% SANB11 27.36 ▲ 0.55% ASAI3 9.05 ▲ 5.23% SBSP3 27.69 ▲ 1.50% WALMEX 51.83 ▼ 0.58% GMEXICO 219.90 ▲ 1.80% FEMSA 207.45 ▲ 1.45% CEMEX 22.67 ▼ 0.70% GFNORTE 182.66 ▲ 1.24% BIMBO 57.99 ▲ 0.80% TELEVISA 9.25 ▼ 0.75% AMX 22.22 ▲ 1.28% GAP 414.92 ▲ 3.52% ASUR 302.86 ▲ 2.09% OMA 222.76 ▲ 2.74% KOF 187.88 ▲ 1.39% GRUMA 293.39 ▲ 1.05% KIMBER 38.30 ▼ 0.93% SQM-B 71,771 ▼ 3.60% COPEC 6,180 ▼ 2.52% BSANTANDER 69.05 ▼ 0.29% FALABELLA 5,580 ▼ 1.15% ENELAM 77.59 ▼ 0.53% CENCOSUD 2,170 ▲ 1.12% CMPC 1,050 ▼ 1.45% BANCO CHILE 166.19 ▼ 0.24% LATAM AIR 22.72 ▼ 1.56% YPF 83,275 ▲ 2.12% GGAL 7,585 ▼ 0.72% PAMPA 5,185 ▼ 1.05% TXAR 691.00 ▲ 0.36% ALUAR 1,000 ▼ 2.91% TGS 9,470 ▲ 0.48% CEPU 2,368 ▼ 1.13% MIRGOR 17,075 ▼ 0.73% COME 49.48 ▼ 1.43% LOMA NEGRA 3,505 ▼ 4.30% BYMA 293.00 ▼ 2.74% TELECOM ARG 4,173 ▼ 3.75% ECOPETROL 15.99 ▼ 1.60% BANCOLOMBIA 73.76 ▲ 0.53% GRUPO AVAL 4.95 ▼ 3.88% CREDICORP 344.15 ▲ 1.05% SOUTHERN COPPER 201.36 ▲ 3.46% BUENAVENTURA 34.79 ▼ 1.02% MERCADOLIBRE 1,673 ▼ 3.36% NUBANK 11.93 ▼ 8.16% XP 16.20 ▼ 2.41% PAGSEGURO 9.22 ▼ 2.23% STONE 11.24 ▼ 3.85% GLOBANT 42.29 ▼ 4.84% TECNOGLASS 43.76 ▲ 0.44% GAP AIRPORT 239.98 ▲ 3.70% ASUR 302.86 ▲ 2.09% OMA AIRPORT 103.51 ▲ 3.22% AMX ADR 25.70 ▲ 1.96% FEMSA ADR 120.14 ▲ 2.05% CEMEX ADR 13.08 ▼ 0.15% PETROBRAS ADR 18.72 ▼ 0.74% VALE ADR 16.82 ▲ 3.19% ITAU ADR 7.86 ▲ 0.90% SANTANDER BR 5.49 ▲ 1.11% AMBEV ADR 3.25 ▲ 0.34% CSN 1.43 ▲ 8.78% GERDAU 4.90 ▲ 7.46% LATAM ADR 51.01 ▼ 2.00% BTC 66,830 ▼ 6.30% ETH 1,894 ▼ 5.47% SOL 74.79 ▼ 7.77% XRP 1.21 ▼ 6.29% BNB 655.98 ▼ 5.22% ADA 0.21 ▼ 7.27% DOGE 0.09 ▼ 7.46% AVAX 8.27 ▼ 7.24% LINK 8.45 ▼ 6.47% DOT 1.09 ▼ 5.67% LTC 47.94 ▼ 5.48% BCH 278.91 ▼ 4.86% TRX 0.33 ▼ 2.41% XLM 0.22 ▼ 9.05% HBAR 0.09 ▼ 5.63% NEAR 2.59 ▼ 1.77% ATOM 1.80 ▼ 5.19% AAVE 74.56 ▼ 6.95% SELIC 14.50% EMBRAER 71.95 ▼ 0.30% EMBRAER ADR 57.26 ▲ 0.53% JBS 12.21 ▲ 0.91% JBS BDR 60.61 ▲ 0.02% MBRF3 15.85 ▲ 0.13% MBRFY 3.24 ▲ 2.86% INTER 6.00 ▼ 2.76% EGX 52,927 ▲ 0.14% USD/ZAR 16.23 ▼ 0.29% USD/NGN 1,362 ▼ 0.37% NIKKEI 66,734 ▼ 0.30% CSI300 4,915 ▲ 1.45% HSI 26,038 ▲ 2.52% NIFTY 23,484 ▲ 0.43% KOSPI 8,801 ▲ 0.15% JCI 6,195 ▲ 1.11% USD/JPY 159.94 ▲ 0.22% USD/CNY 6.7617 ▼ 0.04% DAX 25,124 ▲ 0.48% CAC 8,209 ▲ 0.77% FTSE 10,374 ▲ 0.33% MIB 50,579 ▲ 1.61% IBEX 18,272 ▲ 0.48% STOXX 625.34 ▲ 0.66% EUR/USD 1.1635 ▼ 0.03% GBP/USD 1.3468 ▲ 0.04% SPX 7,610 ▲ 0.13% DJI 51,308 ▲ 0.45% NDX 30,661 ▲ 0.48% RUT 2,932 ▲ 0.90% TSX 35,169 ▲ 1.25% VIX 15.77 ▼ 1.74% USD/CAD 1.3836 ▲ 0.01% US10Y 4.4550 ▼ 0.45%
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Tuesday, June 2, 2026

Brazil Politics and Society

Lula to El País: “Trump Has No Right to Wake Up and Threaten a Country”

By · April 16, 2026 · 5 min read

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Key Points

Brazilian President Luiz Inácio Lula da Silva gave El País a wide-ranging pre-trip interview published Wednesday ahead of the April 17 bilateral summit with Spain’s Pedro Sánchez in Barcelona. “Trump has no right to wake up in the morning and threaten a country,” he said, calling for reform of the UN Security Council and an end to its veto power: “The geopolitics of 1945 does not work for 2026.”

Lula confirmed he is preparing to seek a fourth term in October 2026 and dismissed concerns about close polls against Senator Flávio Bolsonaro: “The elections haven’t even started. This will be like a Barça-Real Madrid clásico—when the team enters the field, the most competent prevails.” A Quaest poll released the same day showed Flávio Bolsonaro at 42% versus Lula at 40% in a second-round scenario, a statistical tie within the 2-point margin of error.

On Venezuela: “If I were Venezuelan and vice president, I would take office and call general elections.” On Cuba: “Seventy years of blockade has no explanation.” On Milei: “I have no relationship with him, nor any interest in one.” On the EU-Mercosur deal entering force May 1: “750 million people, a GDP of $22 trillion—a very successful start.”

Deep Dive
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Lula chose Barcelona over Washington this month. The interview that preceded the trip frames the choice: rearmament is not the answer, the UN is broken, the clasíco is coming, and at 80 he still has—by his own accounting—40 more years of political energy to spend.

The Lula Trump Barcelona framing in El País’ Wednesday interview is the most pointed Lula has been on the US-led Iran war since the conflict began, and it arrives forty-eight hours before he lands in Catalonia for a two-day run of summits with Pedro Sánchez, Gustavo Petro, Claudia Sheinbaum, and other progressive leaders. The Rio Times, the Latin American financial news outlet, reports that Lula’s decision to replace a planned Washington White House meeting with a Barcelona bilateral and the Foro Democracia Siempre signals a sharp regional realignment in the middle of the Iran-Hormuz crisis.

The Trump Critique and the UN Argument

Lula told El País he had directly told Trump that “two countries governed by two gentlemen of 80 should talk with great maturity,” while characterizing the US president’s approach to trade and security as “a very wrong game.” On the Iran strike: “I don’t know if he realized the price of fuel would rise and the people would be the ones paying.” The deeper critique targeted the UN system directly: “Neither the invasion of Iraq, nor the French-British invasion of Libya, nor Putin’s invasion of Ukraine, nor the Israeli massacre in Gaza passed through the Security Council.”

Lula to El País: “Trump Has No Right to Wake Up and Threaten a Country”. (Photo Internet reproduction)

Lula called for abolishing the veto and expanding the Security Council: “In Africa there are countries with more than 120 million inhabitants and none is on the Security Council—neither Brazil, Germany, nor India.” He noted that 2025 saw US$2.7 trillion in global military spending, arguing that “with half of that we end illiteracy, the global energy problem, and hunger for 630 million people.” The line that captures the frame: “The gentlemen of peace have become the gentlemen of war.”

On Venezuela, Cuba, and Milei

Asked whether Venezuela’s government should call new elections now, Lula said the answer was “a problem of Venezuela, not of Brazil” but offered a personal counterfactual: “If I were Venezuelan and vice president, and what happened had happened, I would take office and call general elections. That is what I would do.” The distinction is between process legitimacy and US interference: “What cannot be is that the United States thinks it can administer Venezuela—that does not fit in democracy.”

On Cuba, Lula attacked the seven-decade US embargo: “Seventy years of blockade has no explanation—if those who don’t sympathize with the Cuban regime were worried about the Cuban people, why aren’t they worried about Haiti, which doesn’t have a communist regime? Cuba needs an opportunity.”

On Argentina’s grant of political refugee status to a January 8 coup defendant, he was cold: “I have no relationship with Milei, nor any interest in one; his decisions don’t make me nervous and he has to resolve his problems with the Argentine people.” The closer carried the verdict: “We’ll see what happens when his term ends and what he sowed in Argentina produces.”

The 2026 Campaign and the Bolsonaro Challenge

On the same day El País published the interview, Genial/Quaest released polling showing Flávio Bolsonaro—Senator and son of the jailed former president—at 42% versus Lula at 40% in a hypothetical second round, with a 2-point margin of error. It was the first time the Bolsonaro-family candidate had appeared numerically ahead in the Quaest series, though the match remains a statistical tie. In the first-round scenario Lula leads 37% to 32%, also within margin.

Lula’s answer was sport metaphor: “This will be like a clasíco Barcelona-Real Madrid: the week of the match, everyone thinks they’re going to win, but when the team enters the field, the most competent prevails.” On why the far-right retains strength: “Democracy now owes the people an explanation, because democracy isn’t just receiving the vote on election day—you have to demonstrate that people will work better, earn more, eat better.” The closer: “If we don’t, why should the people believe in democracy?”

What the Barcelona Trip Actually Does

The April 17-18 Barcelona visit is the first-ever Spain-Brazil bilateral summit at head-of-state level, elevating what had been a ministerial-level permanent bilateral commission. Lula travels with 14 ministers and a business delegation, and the agenda focuses on energy, fuels, and energy transition—Brazil already supplies 36.8% of Spanish crude imports. The bilateral on Friday is followed Saturday by the fourth edition of the Foro Democracia Siempre (originally initiated by Chile’s Gabriel Boric and institutionalized by Lula and Sánchez in 2024), bringing together more than a dozen heads of state including Mexican President Claudia Sheinbaum and Colombia’s Gustavo Petro.

The EU-Mercosur trade deal entering force on May 1 adds commercial weight: 750 million people, combined GDP of US$22 trillion. For Lula, the trip is simultaneously a statement about what Brazil chooses not to do with Washington and a preview of how he plans to campaign for the October 2026 first-round vote now framed as the fiscal-handoff election.

Related Coverage: Brazil 2027 Budget LawIMF Clears Argentina Second ReviewBrazil Oil Exports to China Double

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