Brazilian miners warned of potential $1bn in tariff pain
The Brazilian mining industry is warning of dire economic consequences if the government resorts to reciprocal tariffs in retaliation for US President Donald Trump’s threatened 50% levy starting August 1.
The sector would incur as much as $1-billion in additional costs if Trump follows through on his threat and the Latin American nation adopts such countermeasures, said Raul Jungmann, head of Ibram, a lobby group that represents companies accounting for 85% of Brazil’s mineral production.
Brazilian miners rely on US manufacturers for heavy equipment such as excavators and the mammoth dump trucks that can haul 100-ton loads. Meanwhile, the US accounts for only 3.5% of Brazilian mineral exports, he noted.
“This would represent additional costs of around $1-billion per year” for Brazilian miners, Jungmann told journalists Monday. “Retaliation and reciprocity worry us much more.”
Jungmann’s comments followed a virtual meeting with Vice President Geraldo Alckmin.
Brazilian mining executives are considering engaging US companies in talks to help push the Trump administration to the negotiating table, Jungmann said.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation