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IN THIS ISSUE

• Lula and Xi criticize US trade tariffs

• The center-right party keeping all of its options open for 2026

• A massive risk for the Lula administration

Lula and Xi push back on US trade tactics

Speaking at the opening of the China-CELAC Forum in Beijing, Presidents Luiz Inácio Lula da Silva of Brazil and Xi Jinping of China criticized US trade policies and rallied Latin American nations to deepen their engagement with China. “The relationship with China was never as necessary as it is now,” Lula said, adding that the global order calls for urgent reform as the world gets more fragmented and unstable.

Shots at Trump. Without naming the United States, Xi warned against “bullying and hegemonism,” calling trade wars a path to “self-isolation” — a thinly veiled reference to Donald Trump’s aggressive tariff policies. 

• Lula was more direct. “The imposition of arbitrary tariffs only aggravates existing imbalances in global trade,” he said, adding that such moves disproportionately harm developing nations.

Watching our own backs. Lula emphasized the need for regional unity, warning fellow leaders that "there is no way out for any one country alone." He called for Latin America to avoid being drawn into a new Cold War and to instead position itself as a key pillar of a more multipolar world. “We either join forces among ourselves and seek out partners who want to build a shared world, or we remain a region of poverty,” he said.

All about the Benjamins. Xi pledged 66 billion yuan (USD 9.16 billion) in new credit lines for Latin America and the Caribbean, promised to expand visa-free travel for some countries, and underscored China's intention to increase imports from the region.

• Chinese Foreign Minister Wang Yi said the investments will come without political strings attached, which stood in contrast to “some major powers [that] have only brought negative energy” to the region — in another apparent reference to the US.

• “It is clear who is a reliable friend of Latin American and Caribbean countries and who is a partner for long-term cooperation,” Wang added.

👉 Why it matters. The Beijing summit comes at a time of mounting global polarization. With US foreign policy viewed as increasingly unpredictable, both Beijing and Brasília are seizing the moment to present an alternative vision of international cooperation rooted in South-South solidarity — which was the North Star of Lula’s foreign policy during his 2003-2010 stint as president.

Yes, but … Despite President Lula’s recent gestures to Russia and China, including a trip to Moscow for World War II celebrations, Finance Minister Fernando Haddad insisted during an interview that Brazil is not picking sides — but instead seeks balanced ties with both China and the US.

Halfway. Earlier this month, Haddad went to California (where he met with US Treasury Secretary Scott Bessent) as part of a strategy to reiterate Brazil’s interest in strengthening ties with the US, too. This week in Washington, Foreign Trade Secretary Tatiana Prazeres flew to Washington to lead a private-sector delegation tasked with pushing for a “positive agenda” with American counterparts.

Worthy of your time. The Lula administration is particularly interested in luring US tech giants to invest in data centers in Brazil, offering full tax exemptions on federal levies — an incentive Haddad promoted during his California trip. Prazeres also emphasized that cooperation on critical minerals should include local processing and value-added production instead of just raw extraction.

Tariffs. Regarding trade tariffs, the perception is that the current 10% levies for Brazilian goods entering the US have become the new baseline — and Brazilian officials have complained that “the US demands the moon in exchange for trade exceptions.”

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