IBOV 173,250.69 ▼ 0.27% IPSA 10,808.75 ▼ 0.71% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,196,287 ▼ 0.11% COLCAP 2,298.34 ▲ 0.58% BVL PERÚ 55,645.90 — — USD/BRL5.08▼ 0.51% USD/MXN17.43▼ 0.61% USD/CLP932.05▼ 0.31% USD/COP3,253▼ 0.14% USD/PEN3.39▲ 0.07% USD/ARS1,481▲ 0.17% USD/UYU40.19▼ 0.10% USD/PYG6,031▼ 0.03% USD/BOB10.75▲ 0.94% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 0.28% USD/GTQ7.62▼ 0.05% USD/HNL26.74— 0.00% USD/NIO 36.62 — 0.00% USD/VES735.09▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59— 0.00% USD/TTD6.73▼ 0.21% EUR/BRL5.80▼ 0.69% BRENT 88.11 ▲ 0.01% WTI 81.52 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.34 ▲ 1.96% GOLD 4,019 ▲ 0.15% SILVER 57.30 ▲ 2.25% SOY 1,231 ▲ 2.16% CORN 475.25 ▲ 6.86% WHEAT 678.75 ▼ 0.59% COFFEE 324.85 ▼ 1.10% SUGAR 14.78 ▼ 0.34% ORANGE JUICE 143.15 ▲ 3.58% COTTON 78.88 ▲ 2.35% COCOA 5,509 ▼ 0.43% BEEF 222.63 ▼ 0.80% CATTLE 345.25 ▼ 0.20% LITHIUM 67.37 ▼ 1.48% PETR4 41.21 ▲ 0.76% VALE3 72.24 ▼ 0.96% ITUB4 42.40 ▲ 1.05% BBDC4 18.45 ▲ 0.87% ABEV3 15.75 ▲ 0.77% BBAS3 20.36 ▼ 0.63% B3SA3 15.37 ▲ 1.12% WEGE3 43.24 ▼ 0.89% PRIO3 58.21 ▲ 0.62% SUZB3 41.84 ▼ 0.21% RENT3 37.56 ▼ 1.75% AZZA3 18.45 ▼ 0.75% CSAN3 3.82 ▼ 0.52% RAIZ4 0.28 ▼ 3.45% PCAR3 2.58 ▼ 0.77% GMAT3 3.85 ▼ 0.77% PSSA3 54.96 ▼ 0.33% CVCB3 1.14 ▼ 6.56% POSI3 3.74 ▼ 1.58% SLCE3 13.58 ▲ 0.37% NATU3 8.66 ▲ 1.29% BRKM5 5.99 ▼ 3.23% RANI3 7.96 ▲ 0.13% CSNA3 5.06 ▲ 0.20% CMIN3 5.38 ▲ 0.94% USIM5 8.13 ▼ 1.22% GGBR4 23.79 ▼ 1.04% ENEV3 25.70 ▲ 0.08% CPFE3 46.20 ▼ 1.43% CMIG4 11.05 ▼ 0.63% EQTL3 39.41 ▼ 0.23% LREN3 13.42 — 0.00% VIVT3 35.70 ▲ 0.51% RAIL3 13.62 ▼ 0.58% KLABIN 17.44 ▼ 0.80% RAIA DROGASIL 18.70 ▲ 0.81% RDOR3 35.77 ▼ 0.03% HAPV3 11.48 ▲ 0.88% FLRY3 16.65 ▲ 0.36% SMTO3 15.53 ▲ 0.52% UGPA3 32.04 ▼ 0.09% VBBR3 34.51 ▼ 1.17% BBSE3 41.21 ▲ 0.22% BPAC11 56.28 ▲ 0.18% CURY3 30.63 ▼ 0.13% AERI3 2.02 — 0.00% VIVARA 22.02 ▼ 1.87% COMPASS 24.79 ▼ 0.36% VAMOS 3.10 ▼ 2.21% SANB11 26.91 ▲ 0.98% ASAI3 8.32 ▼ 2.12% SBSP3 29.35 ▲ 0.44% WALMEX 49.42 ▼ 0.14% GMEXICO 202.78 ▲ 1.09% FEMSA 226.98 ▲ 0.55% CEMEX 22.42 ▼ 1.36% GFNORTE 182.33 ▲ 0.55% BIMBO 59.80 ▲ 3.10% TELEVISA 9.76 ▲ 1.99% AMX 22.94 ▼ 0.26% GAP 381.57 ▼ 1.15% ASUR 274.75 ▼ 1.77% OMA 228.43 ▼ 0.95% KOF 181.69 ▲ 0.51% GRUMA 289.72 ▲ 1.13% KIMBER 38.94 ▲ 0.70% SQM-B 63,400 ▼ 3.13% COPEC 6,297 ▲ 0.76% BSANTANDER 76.69 ▼ 0.40% FALABELLA 5,775 ▼ 1.03% ENELAM 84.96 ▲ 1.09% CENCOSUD 1,994 ▼ 0.07% CMPC 1,066 ▼ 0.39% BANCO CHILE 187.58 ▼ 0.49% LATAM AIR 24.12 ▼ 2.58% YPF 78,150 ▲ 0.32% GGAL 7,830 ▼ 0.38% PAMPA 5,240 ▲ 1.35% TXAR 657.00 ▼ 1.05% ALUAR 952.50 ▲ 0.32% TGS 9,395 ▲ 0.27% CEPU 2,248 ▼ 0.71% MIRGOR 17,100 ▲ 1.33% COME 43.00 ▼ 1.92% LOMA NEGRA 3,500 ▼ 0.64% BYMA 295.25 ▼ 0.84% TELECOM ARG 4,090 ▼ 1.45% ECOPETROL 15.98 ▼ 0.68% BANCOLOMBIA 80.81 ▲ 0.49% GRUPO AVAL 4.93 ▲ 0.10% CREDICORP 389.39 ▼ 0.31% SOUTHERN COPPER 175.28 ▲ 1.62% BUENAVENTURA 29.58 ▼ 2.18% MERCADOLIBRE 1,853 ▲ 2.14% NUBANK 14.04 ▲ 3.27% XP 16.99 ▲ 1.92% PAGSEGURO 9.31 ▲ 2.99% STONE 11.29 ▲ 1.26% GLOBANT 32.07 ▼ 0.50% TECNOGLASS 46.27 ▼ 0.45% GAP AIRPORT 218.85 ▼ 0.93% ASUR 274.75 ▼ 1.77% OMA AIRPORT 104.45 ▼ 0.82% AMX ADR 26.25 ▼ 0.08% FEMSA ADR 130.02 ▲ 0.78% CEMEX ADR 12.85 ▼ 0.93% PETROBRAS ADR 18.16 ▲ 1.03% VALE ADR 14.17 ▼ 0.18% ITAU ADR 8.33 ▲ 1.59% SANTANDER BR 5.32 ▲ 1.43% AMBEV ADR 3.08 ▲ 1.49% CSN 1.01 ▲ 1.40% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.61 ▼ 1.82% BTC 65,496 ▲ 1.24% ETH 1,897 ▲ 1.34% SOL 77.60 ▲ 1.63% XRP 1.11 ▲ 1.34% BNB 573.61 ▲ 0.56% ADA 0.17 ▲ 0.73% DOGE 0.07 ▲ 1.41% AVAX 6.60 ▲ 2.23% LINK 8.54 ▲ 2.02% DOT 0.82 ▲ 0.83% LTC 47.36 ▲ 0.68% BCH 217.34 ▲ 1.15% TRX 0.33 ▼ 0.46% XLM 0.19 ▲ 0.59% HBAR 0.07 ▲ 0.25% NEAR 1.98 ▲ 3.53% ATOM 1.49 ▲ 0.68% AAVE 89.55 ▲ 0.25% SELIC 14.25% EMBRAER 82.69 ▲ 1.15% EMBRAER ADR 64.90 ▲ 1.26% JBS 11.95 ▲ 0.34% JBS BDR 60.62 ▲ 0.70% MBRF3 14.78 ▼ 1.66% MBRFY 2.89 ▼ 0.69% INTER 5.56 ▲ 3.54% EGX 53,126 ▲ 1.08% USD/ZAR16.51▼ 0.21% USD/NGN1,376▼ 0.20% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY162.54▲ 0.07% USD/CNY6.76▼ 0.30% DAX 24,847 ▲ 0.06% CAC 8,340 ▲ 0.02% FTSE 10,525 ▼ 0.71% MIB 51,863 ▼ 0.04% IBEX 19,207 ▼ 0.05% STOXX 639.60 ▼ 0.30% EUR/USD1.14▼ 0.08% GBP/USD1.34▼ 0.22% SPX 7,486 ▲ 0.38% DJI 52,014 ▼ 0.25% NDX 28,878 ▲ 1.00% RUT 2,958 ▼ 0.13% TSX 35,200 ▼ 0.18% VIX 17.81 ▼ 5.11% USD/CAD1.41▲ 0.31% US10Y 4.5940 ▲ 1.17% IBOV 173,250.69 ▼ 0.27% IPSA 10,808.75 ▼ 0.71% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,196,287 ▼ 0.11% COLCAP 2,298.34 ▲ 0.58% BVL PERÚ 55,645.90 — — USD/BRL 5.08 ▼ 0.51% USD/MXN 17.43 ▼ 0.61% USD/CLP 932.05 ▼ 0.31% USD/COP 3,253 ▼ 0.14% USD/PEN 3.39 ▲ 0.07% USD/ARS 1,481 ▲ 0.17% USD/UYU 40.19 ▼ 0.10% USD/PYG 6,031 ▼ 0.03% USD/BOB 10.75 ▲ 0.94% USD/DOP 58.25 ▲ 0.02% USD/CRC 447.35 ▲ 0.28% USD/GTQ 7.62 ▼ 0.05% USD/HNL 26.74 ▲ 0.00% USD/NIO 36.62 — 0.00% USD/VES 735.09 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.36% USD/TTD 6.73 ▲ 0.96% EUR/BRL 5.80 ▼ 0.69% BRENT 88.11 ▲ 0.01% WTI 81.52 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.34 ▲ 1.96% GOLD 4,019 ▲ 0.15% SILVER 57.30 ▲ 2.25% SOY 1,231 ▲ 2.16% CORN 475.25 ▲ 6.86% WHEAT 678.75 ▼ 0.59% COFFEE 324.85 ▼ 1.10% SUGAR 14.78 ▼ 0.34% ORANGE JUICE 143.15 ▲ 3.58% COTTON 78.88 ▲ 2.35% COCOA 5,509 ▼ 0.43% BEEF 222.63 ▼ 0.80% CATTLE 345.25 ▼ 0.20% LITHIUM 67.37 ▼ 1.48% PETR4 41.21 ▲ 0.76% VALE3 72.24 ▼ 0.96% ITUB4 42.40 ▲ 1.05% BBDC4 18.45 ▲ 0.87% ABEV3 15.75 ▲ 0.77% BBAS3 20.36 ▼ 0.63% B3SA3 15.37 ▲ 1.12% WEGE3 43.24 ▼ 0.89% PRIO3 58.21 ▲ 0.62% SUZB3 41.84 ▼ 0.21% RENT3 37.56 ▼ 1.75% AZZA3 18.45 ▼ 0.75% CSAN3 3.82 ▼ 0.52% RAIZ4 0.28 ▼ 3.45% PCAR3 2.58 ▼ 0.77% GMAT3 3.85 ▼ 0.77% PSSA3 54.96 ▼ 0.33% CVCB3 1.14 ▼ 6.56% POSI3 3.74 ▼ 1.58% SLCE3 13.58 ▲ 0.37% NATU3 8.66 ▲ 1.29% BRKM5 5.99 ▼ 3.23% RANI3 7.96 ▲ 0.13% CSNA3 5.06 ▲ 0.20% CMIN3 5.38 ▲ 0.94% USIM5 8.13 ▼ 1.22% GGBR4 23.79 ▼ 1.04% ENEV3 25.70 ▲ 0.08% CPFE3 46.20 ▼ 1.43% CMIG4 11.05 ▼ 0.63% EQTL3 39.41 ▼ 0.23% LREN3 13.42 — 0.00% VIVT3 35.70 ▲ 0.51% RAIL3 13.62 ▼ 0.58% KLABIN 17.44 ▼ 0.80% RAIA DROGASIL 18.70 ▲ 0.81% RDOR3 35.77 ▼ 0.03% HAPV3 11.48 ▲ 0.88% FLRY3 16.65 ▲ 0.36% SMTO3 15.53 ▲ 0.52% UGPA3 32.04 ▼ 0.09% VBBR3 34.51 ▼ 1.17% BBSE3 41.21 ▲ 0.22% BPAC11 56.28 ▲ 0.18% CURY3 30.63 ▼ 0.13% AERI3 2.02 — 0.00% VIVARA 22.02 ▼ 1.87% COMPASS 24.79 ▼ 0.36% VAMOS 3.10 ▼ 2.21% SANB11 26.91 ▲ 0.98% ASAI3 8.32 ▼ 2.12% SBSP3 29.35 ▲ 0.44% WALMEX 49.42 ▼ 0.14% GMEXICO 202.78 ▲ 1.09% FEMSA 226.98 ▲ 0.55% CEMEX 22.42 ▼ 1.36% GFNORTE 182.33 ▲ 0.55% BIMBO 59.80 ▲ 3.10% TELEVISA 9.76 ▲ 1.99% AMX 22.94 ▼ 0.26% GAP 381.57 ▼ 1.15% ASUR 274.75 ▼ 1.77% OMA 228.43 ▼ 0.95% KOF 181.69 ▲ 0.51% GRUMA 289.72 ▲ 1.13% KIMBER 38.94 ▲ 0.70% SQM-B 63,400 ▼ 3.13% COPEC 6,297 ▲ 0.76% BSANTANDER 76.69 ▼ 0.40% FALABELLA 5,775 ▼ 1.03% ENELAM 84.96 ▲ 1.09% CENCOSUD 1,994 ▼ 0.07% CMPC 1,066 ▼ 0.39% BANCO CHILE 187.58 ▼ 0.49% LATAM AIR 24.12 ▼ 2.58% YPF 78,150 ▲ 0.32% GGAL 7,830 ▼ 0.38% PAMPA 5,240 ▲ 1.35% TXAR 657.00 ▼ 1.05% ALUAR 952.50 ▲ 0.32% TGS 9,395 ▲ 0.27% CEPU 2,248 ▼ 0.71% MIRGOR 17,100 ▲ 1.33% COME 43.00 ▼ 1.92% LOMA NEGRA 3,500 ▼ 0.64% BYMA 295.25 ▼ 0.84% TELECOM ARG 4,090 ▼ 1.45% ECOPETROL 15.98 ▼ 0.68% BANCOLOMBIA 80.81 ▲ 0.49% GRUPO AVAL 4.93 ▲ 0.10% CREDICORP 389.39 ▼ 0.31% SOUTHERN COPPER 175.28 ▲ 1.62% BUENAVENTURA 29.58 ▼ 2.18% MERCADOLIBRE 1,853 ▲ 2.14% NUBANK 14.04 ▲ 3.27% XP 16.99 ▲ 1.92% PAGSEGURO 9.31 ▲ 2.99% STONE 11.29 ▲ 1.26% GLOBANT 32.07 ▼ 0.50% TECNOGLASS 46.27 ▼ 0.45% GAP AIRPORT 218.85 ▼ 0.93% ASUR 274.75 ▼ 1.77% OMA AIRPORT 104.45 ▼ 0.82% AMX ADR 26.25 ▼ 0.08% FEMSA ADR 130.02 ▲ 0.78% CEMEX ADR 12.85 ▼ 0.93% PETROBRAS ADR 18.16 ▲ 1.03% VALE ADR 14.17 ▼ 0.18% ITAU ADR 8.33 ▲ 1.59% SANTANDER BR 5.32 ▲ 1.43% AMBEV ADR 3.08 ▲ 1.49% CSN 1.01 ▲ 1.40% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.61 ▼ 1.82% BTC 65,496 ▲ 1.24% ETH 1,897 ▲ 1.34% SOL 77.60 ▲ 1.63% XRP 1.11 ▲ 1.34% BNB 573.61 ▲ 0.56% ADA 0.17 ▲ 0.73% DOGE 0.07 ▲ 1.41% AVAX 6.60 ▲ 2.23% LINK 8.54 ▲ 2.02% DOT 0.82 ▲ 0.83% LTC 47.36 ▲ 0.68% BCH 217.34 ▲ 1.15% TRX 0.33 ▼ 0.46% XLM 0.19 ▲ 0.59% HBAR 0.07 ▲ 0.25% NEAR 1.98 ▲ 3.53% ATOM 1.49 ▲ 0.68% AAVE 89.55 ▲ 0.25% SELIC 14.25% EMBRAER 82.69 ▲ 1.15% EMBRAER ADR 64.90 ▲ 1.26% JBS 11.95 ▲ 0.34% JBS BDR 60.62 ▲ 0.70% MBRF3 14.78 ▼ 1.66% MBRFY 2.89 ▼ 0.69% INTER 5.56 ▲ 3.54% EGX 53,126 ▲ 1.08% USD/ZAR 16.51 ▼ 0.07% USD/NGN 1,376 ▼ 0.18% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY 162.59 ▲ 0.15% USD/CNY 6.7564 ▼ 0.17% DAX 24,847 ▲ 0.06% CAC 8,340 ▲ 0.02% FTSE 10,525 ▼ 0.71% MIB 51,863 ▼ 0.04% IBEX 19,207 ▼ 0.05% STOXX 639.60 ▼ 0.30% EUR/USD 1.1416 ▼ 0.26% GBP/USD 1.3420 ▼ 0.24% SPX 7,486 ▲ 0.38% DJI 52,014 ▼ 0.25% NDX 28,878 ▲ 1.00% RUT 2,958 ▼ 0.13% TSX 35,200 ▼ 0.18% VIX 17.81 ▼ 5.11% USD/CAD 1.4060 ▲ 0.30% US10Y 4.5940 ▲ 1.17%
since 2009
Monday, July 20, 2026

Lula’s “Trump Is My Friend” Line Signals a Real Shift in Brazil–U.S. Risk

By · December 18, 2025 · 2 min read

Daily Brief

The morning intel from across Latin America. Free.

By subscribing you agree to our privacy policy. We never share your email.

Key Points

  • Lula’s jokes about peace with Trump are a public signal that both sides want bargaining, not escalation.
  • The warmth follows a 40-minute call that touched tariffs, trade ties, and cooperation against organized crime.
  • Days earlier, Washington lifted sanctions on a Brazilian Supreme Court justice, easing a major bilateral irritant.

“Everyone thought I was going to go to war with Trump. Trump became my friend.”

With that line, President Luiz Inácio Lula da Silva turned a tense diplomatic storyline into a disarming sound bite. Speaking to reporters at the presidential palace in Brasília on Thursday, December 18, Lula said that “two 80-year-old men” have no reason to fight.

He promised disputes would be resolved with “no shots, no weapons, no bombs,” and no spectacle like ships “blocking the Brazilian coast.” He said he told Trump that words, used well, can be stronger than any weapon.

The joke lands because the backdrop has been serious. Earlier this year, the Trump administration imposed punitive measures linked to Brazil’s high-stakes legal battles involving former president Jair Bolsonaro.

Lula’s “Trump Is My Friend” Line Signals a Real Shift in Brazil–U.S. Risk. (Photo Internet reproduction)
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

These included tariffs on Brazilian goods and Global Magnitsky sanctions against Supreme Court Justice Alexandre de Moraes, the judge at the center of Bolsonaro-related cases.

The moves hit a political nerve in Brasília and raised a practical fear in boardrooms: that legal conflict inside Brazil could spill into trade rules and export access. What changed is not affection. It is leverage and fatigue.

Brasília and Washington Cool Tensions

On December 2, Lula and Trump held a call that Brazilian officials described as “very productive” and that lasted about 40 minutes. The agenda was transactional: trade, the economy, and cooperation against organized crime.

In that same official framing, Lula thanked Trump for lifting additional tariffs on several Brazilian food exports, including coffee and beef, while pushing negotiations to expand relief to other products.

In Washington, U.S. Trade Representative Jamieson Greer publicly described multiple “constructive interactions” with Lula, while warning that investigations and disputes have not vanished.

Then came the clearest sign of thaw: on December 12, the U.S. removed Justice de Moraes, his wife Viviane Barci de Moraes, and the Lex Institute from the sanctions list, reversing a step that had become a diplomatic lightning rod.

For readers abroad, the meaning is straightforward. When leaders lower the temperature in public, companies can plan in private. A calmer Brasília–Washington channel reduces the odds that politics turns into sudden tariffs, compliance shocks, or investment paralysis.

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.