His decree regulating the trade reciprocity law, which Brazil's Congress passed in April, should be published in the official gazette on Tuesday, Costa added. Last week, U.S. President Donald Trump said he would impose a 50% tariff on Brazilian exports.

Brazilian President Luiz Inácio Lula da Silva on Monday signed the decree regulating the Trade Reciprocity Law, Chief of Staff Rui Costa confirmed in a statement from the Planalto Palace. The measure is to be published in a regular edition of the Federal Diário Oficial da União (Official Gazette - DOU).

As Brazil’s Luiz Inacio Lula da Silva and Donald Trump trade blows, the person they are fighting over has sent mixed signals to investors trying to divine who will blink first.

President advocates diplomacy and unity in a video posted by First Lady Janja on the same day he called an emergency meeting over tariff hike

In an interview with TV Globo, Lula explained that, for now, he does not intend to call Trump but will defend the Brazilian productive sector by opening new markets. The president noted that the American’s tone is disrespectful and that he will not accept such behavior.