BRASILIA — The Brazilian government announced on Wednesday a sweeping financial relief package totaling 18.5 billion reais, equivalent to approximately $3.66 billion, aimed at supporting companies that have been hurt by U.S. tariffs.
Officials from the administration of President Luiz Inacio Lula da Silva said the funding would not be limited to tariff-related hardships — businesses suffering losses due to international conflicts would also be eligible for assistance.
According to a government statement, 13.5 billion reais of the total package will be drawn from the national Treasury. The remaining 5 billion reais will be provided through BNDES, the country’s state-owned development bank.
The exchange rate at the time of the announcement placed one U.S. dollar at approximately 5.0563 reais.
