IBOV 206,505.98 ▼ 0.18% IPSA 10,966.21 ▼ 0.49% IPC MEX 66,659.01 ▼ 0.46% MERVAL 2,835,843 ▼ 1.16% COLCAP 2,582.29 ▲ 0.46% BVL PERÚ 60,511.74 ▼ 1.60% USD/BRL5.03▲ 0.12% USD/MXN18.44▼ 0.30% USD/CLP984.93▲ 0.25% USD/COP3,192▲ 0.11% USD/PEN3.44▲ 0.23% USD/ARS1,513▼ 0.02% USD/UYU40.20▲ 3.11% USD/PYG5,684▲ 2.81% USD/BOB11.65▲ 2.18% USD/DOP61.11▼ 0.03% USD/CRC449.35▲ 1.91% USD/GTQ7.64▲ 3.17% USD/HNL26.86▲ 0.35% USD/NIO36.62▼ 0.07% USD/VES876.92▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.77▲ 2.81% EUR/BRL5.64▲ 0.24% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 206,505.98 ▼ 0.18% IPSA 10,966.21 ▼ 0.49% IPC MEX 66,659.01 ▼ 0.46% MERVAL 2,835,843 ▼ 1.16% COLCAP 2,582.29 ▲ 0.46% BVL PERÚ 60,511.74 ▼ 1.60% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Thursday, October 15, 2026

Brazil Brazil Elections 2026

Milei Calls Lula a Dictator in Washington

By · October 15, 2026 · 7 min read
The columned neoclassical facade of the Andrew W. Mellon Auditorium in Washington under a blue sky, with a US flag flying in front
The Andrew W. Mellon Auditorium on Constitution Avenue in Washington, where Milei spoke on 14 October. File photo, 2020. (Photo: Frank Schulenburg, CC BY-SA 4.0, via Wikimedia Commons)
RT
Ask Rio Times
This story and the bigger picture.
Open the full Ask Rio Times →

BRAZIL · ELECTIONS

Key Facts

  • The country Brazil, Latin America’s largest economy, chooses its president in a runoff on Sunday 25 October between Lula and Flávio Bolsonaro.
  • What happened Argentina’s President Javier Milei called Lula a dictator at a Washington gala on Wednesday 14 October and predicted a Flávio Bolsonaro win.
  • Why it matters A foreign president took sides in Brazil’s vote on US soil, next to Flávio’s brother Eduardo, who faces a Brazilian arrest warrant.
  • The US angle Milei also said Trump must emerge stronger from the 3 November midterms and urged Latin American leaders to form a shield with him.
  • Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
  • Prediction markets Polymarket gives Flávio Bolsonaro an 83% chance of winning the 25 October runoff (15 October, 2:16 a.m. ET). Polymarket puts Flávio Bolsonaro’s chance of winning at 83% and Kalshi at 84% (Lula: 17% and 18%), as of 15 October, 2:20 am ET; prices are bets, not polls.

Runoff · Sunday, 25 October

Brazil Runoff 2026: Lula vs Flávio

Date, polls, debates, odds and how the runoff works, updated every day.

Read the runoff guide →

Brazil runoff polls · Polymarket and Kalshi odds · When results come

Argentina’s President Javier Milei called Lula a dictator at a gala in Washington on Wednesday 14 October, 11 days before Brazil’s presidential runoff. He told about 200 guests that his “dear friend” Flávio Bolsonaro would beat “the communist dictator Lula da Silva” within days.

For US readers, it brought Brazil’s runoff fight to the US capital, where Flávio’s brother Eduardo, wanted by Brazil’s courts, was among the guests. Milei, a libertarian and a close ally of US President Donald Trump, also said Trump must come out of the 3 November midterms stronger.

What Milei Said About Lula and Flávio

Milei called Lula a dictator in a speech of about 20 minutes at the Official Hispanic Heritage Gala in the Andrew W. Mellon Auditorium. The organisers, the Latino Wall Street finance platform and the conservative Argentine site La Derecha Diario, gave him an award for leadership and global impact.

He listed conservative election wins from Ecuador and Bolivia to Chile, Peru and Colombia, Argentina’s TN news channel reported. Flávio, “with the forces of heaven on his side,” would “prevail once again over the communist dictator Lula da Silva,” he said.

He also called Lula the “father of the São Paulo Forum,” a network of Latin American left-wing parties, “together with the sinister Fidel Castro.” He then greeted Eduardo Bolsonaro in the audience and sent a message of support to Flávio’s father, former president Jair Bolsonaro.

Milei said the elder Bolsonaro remains “unjustly and vengefully imprisoned.” Near the end of his appearance he vowed to “kick out” the “communist dictator,” La Nación and Clarín reported.

Who Is Who in This Fight

Luiz Inácio Lula da Silva, 80, is Brazil’s president, from the left-wing Workers’ Party (PT) he co-founded, and he is seeking a fourth term. Flávio Bolsonaro, 45, is a senator for the conservative Liberal Party (PL) and the eldest son of Jair Bolsonaro.

Jair Bolsonaro is serving a 27-year sentence at home for plotting a coup after losing the 2022 election, Estadão reported. Flávio finished first in the first round on Sunday 4 October, almost two points ahead of Lula, La Nación reported.

Javier Milei has governed Argentina since December 2023 and calls himself a libertarian who wants to shrink the state. He has openly backed the Bolsonaro family and spoke at the Liberal Party convention that nominated Flávio in July.

Why Washington Matters for Brazil’s Vote

The audience was made up of business people, investors and figures close to Trump’s Republican Party, the Argentine daily Perfil reported. Tickets cost between US$3,000 and US$10,000, La Nación said, and guests included the leaders of the Conservative Political Action Conference (CPAC).

Eduardo Bolsonaro, Flávio’s younger brother and a former congressman who lives in Texas, spoke right after Milei and embraced him on stage, Poder360 reported. “Where there is freedom, Milei is by its side,” he had said on the red carpet, according to Clarín and La Nación.

In June, a panel of Brazil’s Supreme Federal Court (STF), the country’s top court, sentenced Eduardo to four years and two months for coercion. The judges found that he worked with the Trump administration on sanctions against Supreme Court justices to sway his father’s coup trial.

On Thursday 8 October, Justice Alexandre de Moraes ordered the sentence to begin and issued an arrest warrant, Estadão reported. Eduardo, who holds a US green card, called the decision arbitrary and said it would have no practical effect.

Washington’s own clash with Brasília predates the campaign. On 30 July 2025, the White House raised tariffs on Brazilian goods to 50%, citing Jair Bolsonaro’s prosecution among its reasons.

After calling Lula a dictator, Milei turned to Trump’s own campaign. He said it mattered “for the whole West” that Trump’s course emerge strengthened from the November elections.

“We cannot give up a single millimetre in our reconquest of the hemisphere,” he added, in remarks quoted by La Nación, Clarín and TN. He urged all Latin American presidents to form “a true shield against socialism” together with Trump.

How Brazil Answered Milei Before

Milei attacked Lula on Brazilian soil at the Liberal Party convention in São Paulo on Saturday 25 July. Without naming him, he called Lula a “jailbird” and a “thief,” the Fortaleza daily O Povo reported.

Brazil’s Foreign Ministry, known as Itamaraty, summoned Argentina’s ambassador on Sunday 26 July to express Brazil’s “repudiation.” It also called its own ambassador home from Buenos Aires for consultations, O Povo and Correio Braziliense reported.

Lula shrugged it off on Monday 27 July by asking a reporter who “this guy” was, the Brasília daily Correio Braziliense reported. Milei‘s aides believe that July visit helped Flávio in the first round, according to Clarín.

Trump administration officials have since praised the trip to their Argentine counterparts, La Nación reported. On 4 October, the day of the first round, Milei shared a video of Flávio arriving to cast his vote, Poder360 noted.

The tall concrete arches of the Itamaraty Palace in Brasília in front of a ministry office block
The arches of the Itamaraty Palace in Brasília, home of Brazil’s Foreign Ministry. File photo, 2020. (Photo: Fwsbsb, CC BY-SA 4.0, via Wikimedia Commons)

What It Means for You

For US investors in Brazilian stocks and the real, the runoff will set the tone of Brazil’s dealings with Trump’s Washington. Milei calling Lula a dictator in the US capital shows that Trump’s allies in the region are openly lining up behind Flávio.

For travellers and businesses, nothing changes before the vote on Sunday 25 October. A new diplomatic row would strain ties between South America’s two largest economies, which are partners in the Mercosur trade bloc.

Our guide to Lula vs Flávio Bolsonaro compares their plans on tariffs, China and taxes. The background to the trip is in our report on how Milei landed in Washington for a 36-hour visit.

What Prediction Markets Say

Bettors on Polymarket gave Flávio Bolsonaro an 83% chance of winning the runoff and Lula 16.5% at 2:16 a.m. ET on Thursday 15 October. Flávio’s price had slipped about 3 points over the previous 24 hours, in a market with about US$182 million traded.

Prediction markets · who wins the runoff

Implied chance of winning Brazil’s presidency on 25 October, from traders’ prices.

Polymarket

Flávio Bolsonaro 83% · Lula 16.5% (US$182 million traded)

Kalshi (regulated in the US by the CFTC)

Flávio Bolsonaro 84% · Lula 18%

As of 15 October, 2:20 am ET (07:20 Lisbon), updated every 20 minutes. Prices are bets, not polls, and can move fast.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

What Is Not Known

It is not known whether Lula’s government or campaign will answer Milei for calling Lula a dictator, or whether Brazil will again summon Argentina’s ambassador. Nor is it known whether Milei will travel to Brazil again before the vote on 25 October.

It is also unclear whether Milei will see Trump on this trip, since Trump was campaigning outside Washington on Wednesday. Milei speaks at the US Chamber of Commerce on Thursday 15 October and flies home to Buenos Aires overnight into Friday 16 October.

Frequently Asked Questions

What did Milei say about Lula in Washington?

He called Lula a dictator, using the phrase “the communist dictator Lula da Silva,” and said Flávio Bolsonaro would prevail within days. He spoke for about 20 minutes at a Washington gala on Wednesday 14 October.

Who is Flávio Bolsonaro?

He is a senator, the conservative Liberal Party’s presidential candidate and the eldest son of former president Jair Bolsonaro. He faces Lula in the runoff on Sunday 25 October.

Why does this matter to Americans?

Milei is a close ally of Trump, and in the same speech he said Trump must emerge stronger from the US midterms. Brazil’s result will shape tariffs, trade and ties between Washington and South America’s largest economy.

Has Brazil responded?

No official reply from Brazil’s government to Milei calling Lula a dictator had been reported by early Thursday. In July, after earlier insults, Brazil summoned Argentina’s ambassador and recalled its own envoy for consultations.

Sources: The White House, 30 July 2025; Clarín, 15 October 2026; La Nación, 14 October 2026; TN, 14 October 2026; Poder360, 14 October 2026; Perfil, 14 October 2026; Estadão, 8 October 2026; G1, 16 June 2026; O Povo, 27 July 2026; Correio Braziliense, 27 July 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “World's top copper mine: strike set for Wednesday”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

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.