President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
Canada began imposing tariffs Sunday on US$12.6 billion in U.S. goods as retaliation for the Trump administration's new taxes on steel and aluminum imported to the United States. Some U.S. products, mostly steel and iron, face 25% tariffs, the same penalty the United States slapped on imported steel at the end of May.
Apple and Samsung have finally settled a seven-year-long patent dispute, bringing to an end the long-running battle over the design of their rival smartphones. The terms were not disclosed.
United States Vice-president Mike Pence thanked Brazil on Tuesday for welcoming Venezuelans fleeing their country’s collapse, while warning Central Americans running from violence in their homelands not to attempt to enter the United States illegally.
After trading lower for a good part of Tuesday's session, the Ibovespa closed higher for the third consecutive day (+0.64%), to 71,404.59 points, driven mainly by the shares of Petrobras and Vale. The improvement in the U.S. stock markets also helped to recover the benchmark stock index in Brazil, although concerns remain about a world trade war.
Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York.
President Michel Temer will press U.S. Vice President Mike Pence during his two-day visit to Brazil on cases of Brazilian children separated from their parents upon trying to enter the United States, a Brazilian diplomat said on Monday.
Latin American stocks and currencies mostly fell on Monday as the trade dispute between the United States and other leading economies worsened, but central bank intervention kept the Brazilian real steady.
The country that could indirectly benefit from the intensifying US-China trade war is Brazil, which finds itself in a strategic position to increase its market share of soybean exports to China.
The European Union (EU) has introduced retaliatory tariffs on US goods as a top official launched a fresh attack on President Donald Trump's trade policy. The duties on €2.8bn worth of US goods came into force on Friday. Tariffs have been imposed on products such as bourbon whiskey, motorcycles and orange juice.