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Brazil focuses on reversing US tariffs: VP
Brazil focuses on reversing US tariffs: VP
Sao Paulo, 15 July (Argus) — Brazil is focused on reversing the tariff hike imposed by US president Donald Trump and will only ask for a postponement if necessary, Brazilian vice-president Geraldo Alckmin said on Tuesday after meeting with agribusiness representatives. Trump last week threatened to impose a 50pc tariff on imports from Brazil as of 1 August , citing a criminal trial against former president Jair Bolsonaro for attempting to overthrow the country's 2022 election results. At a press conference after the meeting today representatives from different agribusiness sectors were in agreement that the dialogue with the US government needs to continue. Agriculture ministry Carlos Favaro said that "dialogue [between the two countries] is open on the Brazilian side, but with respect for sovereignty and with great pride". Beef, orange juice and coffee are among agricultural products Brazil exports the most to the US, according to Brazil's ministry of development, industry, commerce and services. Brazil's meatpacking plants are stopping production because of the likely effects that the 50pc tariffs could have on the market, according to the president of Brazil's association of meat exporting industries Abiec, Roberto Perosa . The US is the second largest importer of Brazil's beef, only behind China. The US already imposes tariffs of around 36pc on Brazil's beef sector, according to Perosa, and an additional 50pc tariff "would practically make exports to the US unfeasible." Citrus juice exporters are also concerned about the possible new tariffs, especially considering that the 2025-26 orange season started in June and goes through December-January. Brazil accounts for 70pc of the orange juice the US imports, according to Brazil's national association of citrus juice exporters CitrusBR. The group's president, Ibiapaba Netto, said that "there is still time for negotiation" until 1 August and that "it is necessary to maintain pragmatism". Brazil published today a decree regulating the economic reciprocity law, which establishes criteria for suspending trade concessions, investments and obligations related to intellectual property rights in response to unilateral measures adopted by countries or economic blocs that may negatively impact Brazil's international competitiveness. By Renata Gabrielli and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil retaliatory tariffs may hit cement makers
Brazil retaliatory tariffs may hit cement makers
London, 15 July (Argus) — Brazilian cement makers facing possible retaliatory tariffs on fuel-grade petroleum coke imports from the US are evaluating coke from alternative sources and considering options within existing term agreements. Brazilian president Luiz Inacio Lula da Silva said last week his government will consider reciprocal tariffs if US president Donald Trump goes ahead with his threat of a 50pc charge on imports from Brazil as of 1 August . Any Brazilian retaliatory tariffs on US coke would hit cement makers in the country, which closely rely on US Gulf coast high-sulphur coke and have limited alternatives in the region. There is a widespread sentiment in Brazil that the energy sector would be exempt from the tariff dispute , but this is still uncertain. Some large Brazilian cement makers are pushing the government to exempt the fuel from any retaliation list, arguing that taxing an industrial feedstock would hurt domestic infrastructure projects. With minimal viable alternatives, ongoing term contracts, and internal financial pressure, cement makers risk steep cost increases and potential production slowdowns, which could lead to a rise in cement prices, a market participant said. The US is Brazil's largest coke supplier by far, providing 1.88mn t of the 2.13mn t Brazil imported in the first half of this year, Global Trade Tracker data show. Colombia was its second-largest supplier but provided only 136,400t. And this lower-sulphur coke was likely for other applications besides cement. Brazil also imported 85,800t from Venezuela in the first six months of this year, but Venezuela's state-owned oil company PdV is still under US sanctions, which prevents international cement makers from buying this coke. Mexico could be an alternative supplier for Brazil, but it is unlikely to replace much US demand. Although Mexico began exporting last year after state-owned refiner Pemex started up its new 340,000 b/d Olmeca refinery near Dos Bocas, shipments to Brazil have been light thus far. Brazil only imported one 30,700t cargo from Mexico so far this year, according to GTT. Pemex recently acknowledged that crude quality problems halted operations at Dos Bocas for three months late last year and into early this year. Other Mexican refineries, like the 285,000 b/d Minatitlan facility, have also operated at low rates because of mismatched crude specs and aging infrastructure . Mexican coke's high HGI also is more difficult to use in vertical mill grinding units, one cement maker said. Even if they could find a suitable alternative to US Gulf coast coke, cement makers could still be forced to import with high tariffs because they are under long term contracts. It is not yet clear if the tariffs would "justify a force majeure situation", the cement maker noted. Brazil's national currency may also weaken if a trade war escalates with the US, which would further increase the cost of any fuel imports. US companies are also wary of Brazil's retaliatory tariffs on coke exports and imports. Brazil was the fifth-largest destination for US green coke exports over the past 10 years, after India, China, Japan and Mexico, taking more than 8pc of US supply. And it was the third-largest destination for US Gulf coast coke, taking more than 10pc of total exports. A sudden drop in demand from the country would likely leave a wide surplus in the Gulf coast market, especially as Chinese importers are also avoiding US supply because of tariff risks . Brazil is also the US' largest supplier of green and calcined coke imports, making up nearly 20pc of green coke supply and nearly 32pc of calcined coke supply over the past 10 years. Green and calcined petroleum coke could be exempt from the US' tariffs on Brazilian goods, if the Trump administration follows the existing wording of its April executive order on reciprocal tariffs, which exempted energy commodities. White House officials have said that exemptions from tariffs for energy commodities will remain despite the higher rates Trump plans to impose from 1 August. But such explanations come with a caveat that Trump has yet to determine the final form of tariff applications. Trump has also said the US will impose a 35pc tariff on all imports from Canada , and 30pc tariff on goods from Mexico and the EU . Canada was the fourth-largest supplier of green coke to the US over the past 10 years, making up over 9pc of total imports during that period, and the third-largest supplier of calcined coke, with nearly 17pc. Canada, Mexico and the EU are also significant importers of US coke, meaning US exporters could be hit if these governments include coke in retaliatory tariffs. By Alexander Makhlay and Lauren Masterson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump touts $92bn in investments in AI, energy
Trump touts $92bn in investments in AI, energy
Washington, 15 July (Argus) — President Donald Trump said today his administration would fast-track permitting and take other steps to support billions of dollars in recently announced investments in Pennsylvania tied to artificial intelligence and energy production. Trump said an estimated $92bn in investments announced Tuesday would ensure the future will be "designed, built and made right here in Pennsylvania." The investments include data centers to support artificial intelligence, gas-fired power plants, nuclear power plants, pipeline upgrades, and natural gas supply agreements, although many of the projects announced appear to be early in development. "We're building a future where American workers will forge the steel, produce the energy, build the factories," Trump said at the Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. Among the projects are plans to invest billions of dollars on the redevelopment of retired coal plants into sites that would host new gas-fired plants that would be co-located with data centers. Technology firms hope that developing data centers next to power plants will sidestep the years-long wait that would be required to upgrade the grid to supply their facilities with electricity. "You're going to build your own electric factory, and you're gonna make your own electricity," Trump said. "You can sell it back into the grid, you'll even make money from the electric business." Those projects include a plan by the firm Frontier Group to develop the site of the retired 2.7GW Bruce Mansfield coal plant into a "significantly larger" gas plant that would also host a "prospective" data center. Investment firm Knighthead Capital Management said it plans to repurpose the retired Homer City coal-fired power plant into a data center that will include 4.4GW in gas-fired power generation. Other projects will upgrade existing power plants. The firm Capital Power said it will spend $3bn over the next decade to expand a gas plant in Shamokin Dam, Pennsylvania. Google said it has reached a $3bn agreement for electricity from two hydropower facilities in Pennsylvania. Constellation Energy said it was investing $2.4bn to upgrade its Limerick nuclear power plant. Trump said he was directing his administration to issue permits quickly for power plants proposed to supply electricity for data centers, with an apparent joke that the world's largest power plant would obtain environmental permits in "about a week" and about two weeks for nuclear plants. "These are permits that would have taken you literally 10 years to get," Trump said. "It's crazy all over the country, but we're freeing it up." The Trump administration has argued that making the US the leader in AI is one of its highest priorities. US interior secretary Doug Burgum said the administration determined early on that "losing the AI arms race" to China would be an "existential threat" such that it justified a declaration of an "energy emergency" to increase domestic energy production. "Energy dominance means prosperity at home, it means peace abroad, it's how we end wars, it's how we build and advance every industry we have," Burgum said. The administration has cited its support for AI to justify slowing the development of wind and solar projects they see as incompatible with the industry's demand for baseload power. Trump said wind "doesn't work" for data centers, and Burgum said he was "completely opposed to having unreliable, unaffordable intermittent energy as our future." Other administration officials have touted efforts to build more fossil fuel infrastructure. "This administration, we're going to make it much, much easier to build new power plants, new infrastructure, even transmission lines, natural gas pipelines," US energy secretary Chris Wright said during an interview with CNBC on the sidelines of the summit. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump to limit US weapon use by Ukraine
Trump to limit US weapon use by Ukraine
Washington, 15 July (Argus) — President Donald Trump's change of position on continued US weapons supply to Ukraine has revived a dilemma his predecessor had to consider: whether to place limits on Kyiv's ability to carry out strikes deep inside Russia's territory. Trump on Monday approved a plan to continue supplying US weapons to Ukraine, which will be financed by contributions from the EU and other NATO members. But he told reporters Tuesday that he is not considering providing long-range missiles to Ukraine and said that Kyiv "shouldn't target Moscow" with US weapons. The range of western-supplied missiles is well short of the distance from the Ukraine-Russia border to Moscow. Former president Joe Biden's administration last year gave authorization to Kyiv to use western weapons against targets in Russian regions bordering northeast Ukraine and against military targets beyond the Russian-Ukrainian border. Other NATO members also have removed most restrictions on use of their weapons. The Biden administration warned Kyiv against attacks on Russian energy infrastructure. But Ukraine used its own military drones to target Russia's sprawling oil infrastructure last year, causing some disruptions but barely affecting the exports of Russian crude and refined products. Few such attacks have taken place this year, but Washington-based experts attribute that to a change in Ukrainian military tactics, which now target air fields, weapons depots and command centers instead of Russian energy infrastructure. Trump on Monday said he would impose "secondary tariffs" on Russia — meaning penalties for countries buying Russian oil and other products — unless Moscow takes steps in the next 50 days to stop its war in Ukraine. "At the end of 50 days, if we don't have a deal, it's going to be too bad," Trump said Tuesday. "The tariffs are going to go on and other sanctions." The Kremlin has had a restrained reaction to Trump's threat, saying "we certainly need time to analyze what was said in Washington" and advising to wait for President Vladimir Putin to respond directly. "We want to understand what the statement about '50 days' means," Russian foreign minister Sergei Lavrov said on Tuesday. "We previously heard of '24 hours' and '100 days'", Lavrov said, likely referencing Trump's vow to stop the fighting in Ukraine within 24 hours of taking office, subsequently amended by the White House to a pledge to stop the war in Ukraine within 100 days into his second term. The White House on 25 March announced that Moscow and Kyiv had agreed to implement the "energy ceasefire", but the Kremlin immediately attached new conditions to the agreement and continued attacks on civilian energy infrastructure in Ukraine. Trump in late March promised to impose a 25pc "secondary tariff" on Russian oil sales if the energy ceasefire deal failed. On 27 May, he gave Putin a two week deadline to make progress in peace talks with Ukraine. The Trump administration so far has refrained from imposing additional sanctions against Moscow and even exempted Russia from punitive tariffs imposed on nearly every US trading partner in April. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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