💸 The tariff man always ring twice

The Brazilian industry most exposed to the 25% US tariffs that took effect on Wednesday is not steel, aircraft or coffee. It is wood.

Some 83% of the sector's US-bound sales sit inside the affected product list, and the sector has nowhere obvious to put them: Abimci, the processed wood industry association, reckons 80% of Brazilian output in the segment is exported and roughly half of those exports go to the United States. That was USD 1.2 billion in shipments last year, now behind a tariff wall…

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