🐢 Firing back, eventually

Ten days ago, this newsletter argued that relations between Brazil and the US would worsen before they improved. On Thursday, both governments proved us right.

In the morning, the White House Office of Trade and Manufacturing Policy published a report identifying more than 40 countries as waystations for Chinese goods rerouted to escape US tariffs. Brazil sits in the second of three tiers, credited with bonded warehousing and regional assembly for exporters shopping for a cheaper flag of origin.

By late afternoon, Brasília had answered with paperwork of its own…

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