Brazil has begun the process of developing reciprocal tariffs against the US in an effort to accelerate trade negotiations, according to Geraldo Alckmin, Vice President and Minister of Development, Industry, Trade, and Services.

Brazil's foreign trade chamber, Camex, has 30 days to determine how to counter the 50% US tariffs that took effect on August 6. Under a new economic reciprocity law, Brazil is authorized to respond through tariffs on goods, services, and intellectual property.

Brazil had previously stated it would seek negotiations over retaliation and had asked the World Trade Organization (WTO) to intervene. Alckmin expressed hope that this new step would help advance dialogue with the US.