BRASILIA -Brazil Finance Minister Fernando Haddad said on Wednesday that the South American country might challenge in U.S. courts the steep tariffs imposed by the Trump administration on U.S. imports of Brazilian goods.

“We will go to court if needed,” Haddad told local news outlet UOL, adding that Brazil would not engage in lobbying efforts.

U.S. President Donald Trump slapped 50% tariffs on several Brazilian goods this month, citing what he called a “witch hunt” against former President Jair Bolsonaro – who is on trial on charges of plotting a coup – and trade practices he said were unfair.

Brazil has expressed “indignation” at the tariffs, noting that it has run persistent trade deficits with the United States.

Haddad noted that world leaders today feel insecure about the United States, uncertain about what the future may hold.

The finance minister also said that the U.S. dollar remains a reserve currency and will continue to be for many years, unless Washington “keeps making mistakes.”

He cautioned that “weaponizing” the dollar would undermine its role, adding that countries cannot be prevented from conducting bilateral trade in local currencies if that lowers transaction costs for them.

(Reporting by Marcela Ayres; Editing by Gabriel Araujo and Mark Porter)

Story provided to Big Town Bulletin by Reuters

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