The Gecex approved the temporary maintenance of the 12% Export Tax on crude oil, next week will be the final week of legislative activity before the recess, and the U.S. will decide whether to implement the 25% tariff

BRAZIL POLITICS - Report 10 Jul 2026 by Murillo de Aragão and Cristiano Noronha

At a meeting held yesterday (July 9), the Executive Management Committee of the Chamber of Foreign Trade (Gecex) approved the temporary maintenance of the 12% Export Tax rate on crude oil. According to the committee, the measure was adopted in response to the deterioration of the international environment and is intended to preserve stability in Brazil’s oil market. Next week will be the final week of congressional activity before the recess. Activity will resume on August 3. Upon returning, lawmakers will have a reduced schedule due to the electoral period. Another important event next week is the United States’ decision on whether to implement a 25% tariff on Brazilian exports.

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