Brazil set to talk tariffs with US on Thursday

Brazilian President Luiz Inacio Lula da Silva said on Wednesday that Brazil and the U.S. will hold negotiation talks on tariffs on Thursday.

Lula's remarks at an event in Rio de Janeiro followed a call between him and U.S. President Donald Trump last week in which Trump designated Secretary of State Marco Rubio to continue tariff negotiations with Brazilian officials.

Brazilian Foreign Minister Mauro Vieira and Rubio agreed on a meeting last week.

Vieira and Brazilian technicians are in Washington preparing for Thursday's meeting, a source familiar with the matter told Reuters.

"Trump called me and I asked to have a conversation without formalities," Lula said. "Tomorrow we will have the negotiation talk."

Brazilian markets have been closely watching potential developments after Brazil's exports suffered one of the highest tariff rates imposed by the United States.

Lula and Trump have been at odds for months over the trial and conviction of Brazil's former president Jair Bolsonaro. Trump hiked a tariff on many Brazilian goods from 10% to 50% because of the case, which he called a "witch hunt."

During last week's call, the Brazilian president asked Trump to remove the additional 40% tariff, according to a statement from the Lula's office.