Lula defends alternative to dollar during China visit, Congress prepares for income tax reform debate amid fiscal constraints, and US-China trade truce begins impacting global markets

BRAZIL POLITICS - Report 14 May 2025 by Murillo de Aragão and Cristiano Noronha

President Lula begins his return trip to Brazil today, after making official visits to Russia and China. In the final leg of the trip, Lula advocated for countries to find “a currency or a basket of currencies that allows business to be conducted without depending on a single currency,” referring to the dollar. The income tax reform bill will begin to be discussed next week in the Lower House, with the first public hearing of the special committee scheduled for Tuesday, May 20. Today marks the implementation of the trade truce between the United States and China, which agreed to reduce tariffs. As mentioned yesterday, US tariffs on Chinese imports will be reduced to 30%, while Chinese tariffs on US goods will drop to 10%.

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