Companies invest with eye on future and competitiveness

Long-term view and competitive gains shape strategy of leaders honored at the 26th “Executivo de Valor” awards

 

 

Maintaining a focus on long-term projects and improving competitiveness has become the main strategy adopted by the leaders chosen for the 26th edition of the “Executivo de Valor” awards as they seek to keep delivering strong results in a more turbulent and uncertain global environment, marked by wars, protectionism, and a retreat from globalization. In Brazil, the picture is even more challenging because of high interest rates and the October elections.

Opening the event, held at the Rosewood hotel in São Paulo, Frederic Kachar, director-general of publishing company Editora Globo and Sistema Globo de Rádio, said no leader reaches goals alone, without a team aligned with the business. He also highlighted common traits among the winners, such as their ability to adapt to shifts in the business environment, build autonomous and integrated teams, and attract and retain talent.

Kachar also emphasized the importance of shared leadership, with strong teams around the CEO and family members who are a key part of the support network behind successful professional trajectories.

Valor’s editor-in-chief, Maria Fernanda Delmas, highlighted the meticulous work carried out by the jury in selecting the executives who stood out in “a very difficult scenario.” She also stressed the importance of valuing people within companies, citing recommendations from specialists. “The best leader is not the one who has an answer for everything, but the one who creates an environment where the team can flourish. And more important than hiring individually brilliant professionals is being able to build a team that is adapted to the company’s culture.”

Capital costs

The unusual nature of the current geopolitical environment, with simultaneous wars affecting commodity prices and bringing inflation into Brazil, was highlighted by Itaú Unibanco CEO Milton Maluhy Filho. He noted that this dynamic has prompted a reorganization of investor flows, which ended up benefiting emerging markets, including Brazil. “But this is a flow that can leave quickly, just as it came in. What matters more is attracting long-term investment that helps Brazil achieve vigorous growth,” said the bank’s chief executive..

In Maluhy’s view, reducing the cost of capital is essential. “This involves three pillars: interest rates, the institutional environment, and legal certainty. If there are conditions to improve these three points, reforms and transformations in productivity and global competitiveness will also gain strength.”

A forward-looking approach is an important guide. Daniela Manique, Solvay’s CEO for Latin America, said that, at the specialty chemicals company, investment decisions are based on one question: “Does this project make us more competitive, more sustainable, and less carbon-intensive? If the answer is yes, we move forward,” she said. Manique said the focus on heavy investment in the energy transition remains unchanged.

WEG CEO Alberto Kuba is following a similar path. He said the Brazilian maker of electric motors, automation systems, transformers, and generators has centered its strategy on three megatrends that do not change in the short term: sustainability, energy efficiency, and artificial intelligence. “Given all the uncertainties, our focus is on reducing vulnerabilities and risks,” he said.

Of WEG’s 68 plants, 48 are abroad, and the company has been seeking to manufacture products closer to customers to reduce problems related to logistics, supplies, and currency fluctuations. In such an unpredictable scenario, Kuba said, the most sensible way to make decisions is to assess whether the investment is aligned with the company’s long-term goals and to analyze risks and their probabilities, as well as opportunities.

Risk management

Also looking to a broader horizon, Vale CEO Gustavo Pimenta said instability in the current environment should lead to a world more focused on food, energy, and mineral security. Although conflicts between countries affect the flow of goods and generate inflation, Pimenta said this does not change the mining company’s plans: “Our business is medium- and long-term. If we believe iron ore and copper, for example, have positive prospects, we keep investing.”

Miguel Setas, CEO of infrastructure concessions company Motiva, stressed the importance of analyzing the risks inherent to each business and economic environment. The company has been drawing up scenarios on the impact of the war in Iran on oil prices. “We prepared for this crisis by entering 2026 with more than 80% of investments contracted; therefore, execution is mostly guaranteed. Our response to this geopolitical shock is risk management and the adoption of measures that mitigate these risks, in particular being able to bring forward as much as possible the contracting of our investments.” For 2027, more than half of investments have already been contracted.

Caution is a valuable asset in volatile scenarios. Pedro Lima, CEO of coffee company Grupo 3corações, expressed concern about fiscal leverage at the moment. “We are conservative, our debt limit is very carefully managed, very well administered,” he said. The company keeps tight control over expenses, and investments are carefully planned to navigate unexpected developments. “We can have surprises at any moment, because Brazil is like that, so we have to remain cautious at this moment and take care, be resilient and, above all, stay focused on the business.”

Deborah Vieitas, chair of Santander’s board of directors, cited among the key criteria “clarity about risks, which is very important, alignment with the organization’s values and strategy, the long-term impact, and the ability to adapt if the scenario changes.” But she issued a warning against becoming paralyzed by uncertainty. “The speed and quality of the decision — or of the response — make more difference than the search for a perfect solution.”

For the insurance industry, there is a particular feature. “Interestingly, an environment of growing volatility ends up aligning with what we offer. In a more unpredictable world, demand increases for protection, planning, and predictability,” said Paulo Kakinoff, CEO of insurance and financial-services group Porto. Kakinoff said the group continues to expand investments in products, services, technology, and distribution structure, and that the focus is on strengthening the business’s structural capabilities.

Investments remain on track

“The investment bet on the country continues,” said telecom carrier Vivo CEO Christian Gebara, noting that the company invested R$9.2 billion last year. Gebara’s decisions follow the rules of a publicly traded company. “We have a commitment to the market regarding shareholder remuneration, and that is a basis for decision-making, keeping net income growing. All the decisions we make have a very clear focus on generating revenue from EBITDA, cash generation, ending in free cash flow and profit.”

Beto Carrero World is also maintaining its investment plan, with R$2 billion planned for the coming years. The theme park imports all of its equipment and materials. The concern, more than with the exchange rate, is the tax burden and the Import Tax. “This could affect us, but not to the point that we would stop making the investments,” said Alexandre Murad, CEO and chair of the board.

In Brazil, another source of uncertainty is this year’s electoral process. For Santander’s Vieitas, focusing on the long term becomes even more important at this point, and companies must be able to compete in any context.

That is what Embraer has been seeking to do. “It is a global company. We do not expect any impact on our business because of Brazil’s election. On the contrary, our vision is long-term. We have a very well-defined strategic plan, and our focus is to follow that strategy and maintain sustained growth in the coming years,” said CEO Francisco Gomes Neto.

The same recipe has been applied at car-rental and mobility company Localiza. “Elections are part of the country’s democratic environment, and it is natural that, during this period, the market pays closer attention to economic and regulatory issues and to investment behavior. Even so, we understand that companies with a long-term vision can move through different cycles while maintaining consistency in execution, financial discipline, and strategic focus,” said Bruno Lasansky, CEO of Localiza&Co.

“The company continues in the direction that has been defined,” echoed Diego Barreto, CEO of food-delivery platform iFood. However, Barreto noted that legal uncertainty and the lack of economic stability plans to think about the country’s future are the factors that most affect the business. For him, the elections in the second half do not make the scenario more unstable than usual. “The way the discussion takes place has always been part of Brazil, it is not a problem or a difficulty,” he said.

The “Executivo de Valor” awards have ArcelorMittal and Welhub as master sponsors; Alelo and Falconi as sponsors; Audi as the official car; 3 Corações as the official coffee; and Rosewood, Eletromidia, and Febraban as supporters.

By Valor — São Paulo

https://valorinternational.globo.com/

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Meat industry seeks broader ban on antimicrobials

Request comes after European Union removed Brazil from list of countries authorized to export animal products to the bloc

Brazil’s meat industry has asked the Agriculture Ministry to expand restrictions on the use of antimicrobials in the country, according to letters sent to the ministry on Thursday (11) and reviewed by Valor. The request comes in response to the European Union’s decision to remove Brazil from the list of countries authorized to export animal products to the bloc starting in September. The move is intended to signal to European authorities a stricter stance on the use of such products in animal production chains.

The Brazilian Animal Protein Association (ABPA) requested that the ministry ban the use of enramycin, avilamycin and flavomycin in the poultry sector. The measure would expand a rule introduced in May covering phosphonic acid derivatives, including fosfomycin.

In the beef sector, the Brazilian Beef Exporters Association (Abiec) asked the government to extend restrictions to the molecules sodium monensin, salinomycin, lasalocid and narasin.

In April, the ministry published a regulation prohibiting the import, manufacture, commercialization and use of performance-enhancing additives containing avoparcin, bacitracin, zinc bacitracin, bacitracin methylene disalicylate and virginiamycin. The Agriculture Ministry did not respond to requests for comment.

The industry groups stressed to the ministry that the request comes amid ongoing discussions with the European Union regarding requirements related to antimicrobial use in animal production, which are set to take effect on September 3.

In the letters, ABPA and Abiec said that although the European decision is linked to proof of official inspection and control mechanisms ensuring the non-use of such drugs in animal production, expanding the prohibitions could “strengthen Brazil’s regulatory position, support efforts led by the federal government with European authorities and demonstrate the country’s commitment to the principles of prudent antimicrobial use and one health.”

In a statement to Valor, ABPA and Abiec confirmed that the letters had been sent. “The initiative aims to support Brazil’s regulatory harmonization efforts with international standards and strengthen the country’s position in ongoing discussions with trade partners, especially the European Union,” the associations said.

*By Rafael Walendorff, Globo Rural — Brasília

Source: Valor International

https://valorinternational.globo.com/

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APM Terminals opens Latin America’s first fully electrified container terminal

With more than R$2bn in investments, the facility expands the capacity of Pernambuco’s port complex by 55% and is expected to handle up to 400,000 TEUs annually in its initial phase

 

 

 

APM’s 100% electric container terminal in Pernambuco
APM’s 100% electric container terminal in Pernambuco — Photo: Divulgação

APM Terminals, the port terminal division of Denmark-based A.P. Moller-Maersk, officially inaugurated its new container terminal at the Suape Industrial Port Complex in Ipojuca, Pernambuco, on Friday. Built with investments exceeding R$2 billion, the facility is the first fully electrified container terminal in Latin America and was designed to increase the container-handling capacity of the Pernambuco port complex by 55%.

In its initial phase, the terminal is expected to handle up to 400,000 TEUs (twenty-foot equivalent units) annually, with the potential to connect Pernambuco to markets across Latin America, North America, Europe, and Asia.

“More than a new port asset, this terminal expands the Northeast’s capacity, integrates Brazil into the world’s main trade routes, and raises the region’s operational standards with a fully electrified infrastructure,” said Daniel Rose, managing director of APM Terminals Suape and Pecém.

The inauguration ceremony was attended by Vice President Geraldo Alckmin, Pernambuco Governor Raquel Lyra, Deputy Governor Priscila Krause, Ports and Airports Minister Tomé Franca, Danish Ambassador to Brazil Eva Bisgaard Pedersen, Ipojuca Mayor Carlos Santana, and Suape Port CEO Armando Monteiro Bisneto, among other government officials and business representatives.

A study conducted by consulting firm A&M Infra and law firm Navarro Prado Advogados in partnership with APM Terminals projects that the new terminal could generate up to R$4.8 billion in additional exports, approximately R$4.9 billion in gross domestic product, and more than 43,000 potential jobs across supply chains linked to foreign trade.

Officials at the event highlighted the terminal’s importance for expanding both state and national port capacity and, in particular, strengthening Suape’s strategic role by diversifying Brazil’s logistics options beyond ports in the South and Southeast regions.

“Modernizing Suape means modernizing Brazil. The delivery of this new terminal represents a major leap forward for the infrastructure of Pernambuco, the Northeast, and Brazil’s competitiveness. It means lower costs, greater integration with global markets, more opportunities for agribusiness and industry, and stronger job creation,” Vice President Geraldo Alckmin said, describing the project as an example of successful cooperation between the public and private sectors.

Governor Raquel Lyra said the terminal reinforces Pernambuco’s position in international trade.

“With this new development, Pernambuco strengthens the Northeast’s logistics competitiveness, creating conditions to attract new businesses, generate jobs, and support the economic development of our state while connecting us even more closely to the world,” she said.

Ports and Airports Minister Tomé Franca highlighted the continued flow of foreign capital into Brazil’s port sector.

“Despite global instability, the port sector has literally become a gateway for investment into the country, demonstrating international confidence in Brazil’s role. This new APM Terminals container terminal is an example of that confidence,” he said.

Remote operations

The terminal’s key technological differentiator is the full electrification of its equipment, which accounted for nearly R$235 million of the total investment, along with the remote operation of major assets, including ship-to-shore (STS) cranes and rubber-tired gantry (RTG) cranes. According to the company, the setup represents a benchmark for innovation in Latin America.

The facility covers approximately 495,000 square meters and features a 430-meter quay with a depth of up to 15.5 meters, enabling it to accommodate large vessels operating on major international routes. It has a static storage capacity of around 12,000 TEUs and more than 300 power outlets for refrigerated containers.

According to the company, construction of the terminal generated more than 2,000 direct and indirect jobs.

Suape Port CEO Armando Monteiro Bisneto said the start of operations “reinforces the strategic position of our industrial port complex on both the national and international stage” and “sends a clear message to the world that Pernambuco is ready to receive major investments and lead a new cycle of sustainable growth, innovation, and competitiveness.”

Suape is APM Terminals’s second operation in Brazil’s Northeast. The company has operated at the Port of Pecém, Ceará, for more than two decades and continues to expand its presence there.

According to APM Terminals, the main obstacle to logistics development in the Northeast is not demand but the expansion of infrastructure and installed capacity, which is essential to unlock new trade flows and attract long-term investment.

Globally, APM Terminals operates terminals in more than 60 locations across 35 countries and employs more than 20,000 people. In 2025, the company recorded 27,000 vessel calls and handled 25.8 million container moves across its terminal network.

*By Naiara Bertão, Prática ESG — São Paulo

Source: Valor International

https://valorinternational.globo.com/

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Central Bank rules begin overhaul of Brazil’s crypto market

Higher regulatory costs may reduce license applications and accelerate consolidation among virtual asset service providers

 

 

 

The Central Bank’s new regulation for virtual asset service providers has already started reshaping Brazil’s crypto market as the deadline approaches for companies to apply for authorization.

Companies in the sector are reviewing their structures, recalculating costs, and assessing whether they will have enough capacity to operate with their own license or whether they will need to team up with larger players to continue offering services in the country.

The deadline to apply for a license ends in late October. Until then, companies involved in intermediation, custody, infrastructure, tokenization, or other services linked to virtual assets will have to decide which business model they will follow under the country’s new regulatory framework.

Industry executives say the regulation provides legal certainty and tends to raise governance standards, but it also imposes a more expensive and complex transition than part of the market had expected. The main concern is the increase in regulatory costs.

For virtual asset service providers, known as VASPs, the new minimum capital requirements range from about R$10 million to R$37 million, depending on the activity. Before the Central Bank published the final rules, industry sources estimated that between 150 and 200 companies could seek authorization.

The current forecast is that not much more than 50 companies will file applications. Some companies are expected to seek partnerships, operate through licensed structures, assess mergers and acquisitions, or reduce the scope of their activities in the country.

Costs drive consolidation

For Julia Rosin, CEO of the Brazilian Association of Crypto Economy (ABcripto) and policy manager for Latin America at Coinbase, the sector already expected regulation to arrive, but some of the requirements ended up far from the expectations formed during the public consultations.

“Everybody knew the rules were coming, since we had public consultations. What happened were two things: some items came out very different from what emerged from the consultations, and problems were identified when companies started implementing the rules internally,” she said.

Rosin said the increase in regulatory costs has led companies to seek alternatives to make market entry cheaper, whether through the hiring of third parties, internationalization, mergers, or the sale of operations.

“You end up creating layers of complexity in the provision of a service because of the demand created by regulatory costs,” she said.

According to people familiar with the matter, the trend is toward concentration. Smaller companies are considering seeking investors, selling portfolios, signing agreements with larger companies, or operating through licensed structures.

At the same time, companies with more capital have begun strengthening areas such as compliance, risk, internal controls, regulatory legal teams, technology, cybersecurity, and auditing. Industry sources also report a shortage of professionals who combine experience in the regulated financial market with technical knowledge of blockchain and virtual assets.

Technology infrastructure has also become another focus beyond staffing. Companies report doubts about certifications, audits, security tests, contingency plans, and system validation.

Support structures

According to João Dunin, chief operating officer of Z.ro Bank, domestic and international exchanges have been looking for providers capable of offering infrastructure for Pix, Brazil’s instant payment system,, individualized accounts, segregation of funds, compliance, know your customer (KYC), procedures, and reporting to the Central Bank. “You regularize the crypto side, but there are also many little legs in the traditional fiat world,” he said.

Dunin said some companies are trying to avoid having to build a full local operation only to handle payments and regulatory obligations. “You will focus on your business. Your business is crypto. Pix transfers, reporting to the Central Bank, that stays in-house,” he said.

Dunin said he has noticed an increase in demand for this type of structure since the regulation was published. According to him, companies began reviewing their models before the final deadline to request authorization.

“We have a deadline. That deadline is October 29,” he said. “The Central Bank is defining the form of the audit, how it will work, evidence and so on. But to audit an exchange operation, it will take two months, maybe three, depending on the level of the audit.”

Among the points that still raise questions among companies in the sector are how information should be reported to the regulator, transition rules for certain services, requirements linked to certifiers, and integration with already regulated structures such as Pix.

For ABcripto, delays in resolving these issues could also affect the regulator itself.

“The longer they take to give these answers, the later people will apply. So they will have an overload of applications,” Rosin said.

Central Bank rules out step-by-step manual

On the Central Bank side, Gustavo Martins dos Santos, a representative of the Financial System Regulation Department said in an interview with Valor in early April that there will not be a detailed manual to guide companies through each step.

“There will be no manual. The rule sets out what is required in an open way, and we will deal with it case by case,” Martins dos Santos said.

He also said the required certification and controls help give the regulator greater confidence that companies seeking to operate in the market have minimum requirements in place.

“The problem when someone enters the market is this: they enter, but removing them is difficult. The administrative cost for society of removing someone from the market is very high,” Martins dos Santos said.

Even among sources critical of the transition design, there is consensus that regulation is necessary. The Central Bank’s entry is expected to raise standards for anti-money-laundering prevention, governance, information security, and accountability.

The risk raised by industry participants is that the pursuit of greater security may reduce the diversity of business models and accelerate market concentration.

*By Lara Asano  — São Paulo

Source: Valoar International

https://valorinternational.globo.com/

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Nissan eyes electrified production in Brazil as tariffs reshape sector

Automaker plans new models, explores partnership with China’s Dongfeng while calling for stronger protection of local manufacturing

 

 

 

For Christian Meunier, CEO of Nissan Americas, raising import tariffs to protect local industry—as seen in the United States—is an irreversible trend worldwide. As a result, while the automaker prepares to launch five imported cars in Brazil over the next 18 months to accelerate its electrified-vehicle offering, it expects to decide within three to four months which model will be its first electrified vehicle produced in Brazil. The plans also include discussions with Dongfeng Motor Corporation, Nissan’s partner in China, regarding a potential agreement to share production capacity at Nissan’s plant in Resende, Rio de Janeiro state.

Considering projects with Dongfeng in Brazil does not mean Meunier supports the easy entry of Chinese automakers into the Brazilian market. On the contrary, he strongly criticizes vehicles produced in China that, according to him, enter the country at low prices “thanks to dumping practices.” “Many subsidies are not reflected in vehicle prices,” he said. The executive argues that the Brazilian government should protect the domestic automotive industry to avoid what he described as a potential “collapse” of the sector.

“The local industry needs greater support than imports because Brazil is not a low-cost country,” Meunier told Valor. In his view, raising import tariffs on hybrid and electric vehicles to 35% beginning in July will not be enough.

He noted that Mexico is preparing to raise tariffs to 50% and pointed to similar protectionist measures in Europe and Canada. In the United States, tariffs on Chinese-made vehicles are 100%. According to Meunier, however, the main barrier is not the tariff itself but rather a “national security policy” focused on the use of locally produced batteries and software.

Despite advocating stronger protection for local manufacturing, Meunier acknowledges that Chinese automakers “move quickly.” That reality requires competitors to make faster decisions, often before a detailed local production plan is in place. “There is work underway to bring a third product, an electrified model, to be assembled in Resende,” he said.

“My goal is to find a new baby for Resende,” Meunier joked, referring to Nissan’s manufacturing complex in Rio de Janeiro state, which currently produces two SUVs: the new Kicks and the Kait, launched in July and December 2025, respectively. The decision regarding the third model will be made within three or four months, he said.

However, there is no timetable yet for implementing a potential cooperation agreement with Dongfeng in Brazil. If completed, Nissan would become the fifth automaker in the country to open factory capacity to Chinese manufacturers. Renault, Stellantis, HPE Automotores, and Jaguar Land Rover have already made space available at their Brazilian facilities for production of Chinese brands or joint projects involving Geely, Leapmotor, GAC, and Omoda & Jaecoo, respectively.

“Dongfeng is our partner in China, so this is an opportunity we are exploring. Among several possibilities under consideration is working with them on a solution like this. But nothing has been decided. We will do things together, but we are not disclosing details because some points still need to be finalized,” Meunier said. Nissan is also negotiating cooperation agreements with Chinese partners in the United Kingdom.

Meanwhile, the company is preparing the arrival of imported models in Brazil. The large SUV X-Trail will be the first of the five launches announced by Meunier through the end of 2027. The vehicle, Nissan’s first hybrid model to be sold in Brazil, will also introduce to the Brazilian market a hybrid technology already used by the company globally.

Known as e-Power, the system allows a hybrid vehicle to be driven entirely by electric propulsion at all times without the need for external charging. An internal combustion engine serves only to generate electricity for the battery that powers the electric motor.

The new product launches represent an important step for Nissan, which currently holds just over 3% of Brazil’s vehicle market, as it seeks to increase market share. Production planning would follow. “We need to understand how we can bring in a new product that can also be localized and assembled in Brazil. We cannot rely solely on imports. That does not work in the long run.”

Since taking over as head of Nissan Americas in January 2025, the French executive has overseen an increase in vehicle production in the U.S. following the announcement of higher import tariffs by President Donald Trump. Within 18 months, the share of locally produced vehicles in Nissan’s U.S. sales rose from 44% to nearly 65%. According to Meunier, the target is to reach 80% by the end of the decade. The expansion of local production required a reorganization of manufacturing operations in Mexico and Japan, which began supplying vehicles to Canada.

Exports from the United States to Canada, which had been disrupted after tariffs were raised to 25%, have recently started to recover. “Volumes are still small because margins remain under pressure. But we need the product. We do not want to lose customers in Canada who need the large vehicles produced in the United States,” he said.

Living with higher tariffs does not mean conflict with the U.S. government, according to Meunier. “We do not need to fight the government. We are a large company. We have to work with what we have and with what the government is telling us to do. In Brazil, we have to do the same.”

According to the executive, the business community has already realized that tariffs are here to stay, regardless of changes in government. “When you have tariffs of 25% or even 15%, it becomes very difficult to remove them when governments need the revenue. The Democrats did not eliminate the tariffs introduced during Trump’s first administration,” he noted.

Asked how industrial protection policies might evolve after Brazil’s next presidential election and amid relations with China, Meunier said: “I think what matters for the Brazilian people is preserving jobs and maintaining a strong industrial base, regardless of whether the right or the left wins.” In his view, domestic vehicle production will remain “a key success factor in the United States, Mexico, and Latin America” over the next decade.

Nissan’s Brazilian operation, which is now preparing to expand its lineup with new models, emerged unscathed from the company’s recent global restructuring, which included layoffs and factory closures, including in Mexico and Argentina. The restructuring plan was primarily focused on reducing costs.

*By Marli Olmos — São Paulo

Source: Valor International

https://valorinternational.globo.com/

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Brazil may cut tariffs on U.S. machinery in talks

Move would be part of negotiations to avert possible 25% surcharge on Brazilian goods

Brazil’s federal government may reduce import taxes on machinery and information technology goods imported from the United States as part of negotiations over a possible new 25% tariff on Brazilian products.

“A small number [of items] was offered as a starting point for negotiations,” a Brazilian government source said Monday (8). Talks are expected to move forward this week.

The list may include some items whose import tax rates were raised in February by decision of the Executive Management Committee (Gecex) of the Foreign Trade Chamber (Camex). These are machinery and information technology goods that have similar products made in Brazil.

As Valor reported, the increase in import tariffs would generate R$14 billion in additional revenue this year.

The list being negotiated with the U.S. government also includes products that have no similar goods made in Brazil and are manufactured by the United States, said a person familiar with the talks.

The list was presented during a meeting between technical teams from the two countries, when Brazil laid out some possibilities within the tariff agenda on which it is willing to move forward. The proposals are now being assessed by the U.S. government. Any negotiation involving Pix, Brazil’s instant payments system, for example, is ruled out by the Brazilian side.

The talks are being held within the bilateral working group created after the May 7 meeting between Presidents Luiz Inácio Lula da Silva and Donald Trump.

Negotiations expected to continue

The 30-day deadline initially set for the group’s work ended Sunday (7). However, the expectation is that negotiations will continue in the coming weeks, at least until July 15, the scheduled date for the conclusion of the administrative process conducted by the U.S. that could result in a 25% surcharge on part of Brazilian exports. During this period, Brazil will try to build a negotiated solution capable of preventing the measure.

Last week, the Office of the United States Trade Representative (USTR) released its preliminary conclusion on investigations conducted under Section 301 of the Trade Act, which allows tariffs on products in response to practices deemed harmful to the competitiveness of U.S. products.

Launched in July last year, the investigation covers issues ranging from Pix to illegal deforestation, the fight against corruption, and commerce on 25 de Março Street, a major shopping area in São Paulo.

For now, the 25% tariff resulting from the investigation is a recommendation. The Brazilian government believes at least one or two more meetings of the bilateral working group will be needed to determine whether there is room for an agreement that could avoid the tariff increase.

Affected sectors

Alongside negotiations with Washington D.C., the Ministry of Development, Industry, Trade and Services (MDIC) is expected to resume sectoral working groups with the private sector, following the same model used during the first tariff round.

The government believes it will be necessary to mobilize the sectors potentially affected to discuss trade-protection strategies and monitor the impact of the U.S. measures.

As Valor reported, MDIC has already started talks with some segments and plans to broaden the dialogue in the coming days. Meetings are planned with representatives of the footwear industry, as well as new talks with entities such as the American Chamber of Commerce for Brazil (Amcham Brasil) and the National Confederation of Industry (CNI).

In addition, some Brazilian products may also be subject to an additional 12.5% tariff applied by the U.S. to about 60 countries on the grounds of failures to combat the entry of goods produced with forced labor.

In that case, the total tariff burden could reach 37.5%. Behind the scenes, however, members of the Brazilian government see less room to negotiate the additional 12.5% tariff because it is a broader measure and is not aimed at a specific country.

*By Giordanna Neves and Lu Aiko Otta — Brasília

Source: Valor International

https://valorinternational.globo.com/

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New U.S. tariff may hit up to 45% of Brazil exports

Government sees smaller impact, but companies face narrow path to challenge 25% duty proposed under Section 301

A new 25% tariff put up for public comment by the U.S. on Monday (1) could affect as much as about 45% of Brazil’s exports to the U.S., depending on how the calculation is made. Among estimates collected by Valor, the government has the most modest impact estimate, at 21%, although it expects “major losses” for the affected sectors.

Government spokespeople said they do not believe the proposal will effectively become tariffs, but experts noted that, unlike the duties imposed in 2025 by U.S. President Donald Trump, those that could result from the current measure are considered difficult to challenge. In addition, other ongoing investigations could lead to new tariffs.

The new tariff proposed by the Office of the U.S. Trade Representative (USTR) is based on Section 301, a 1974 law. The report, which concluded the investigation opened against Brazil in July 2025, argues that certain Brazilian policies and practices related to digital trade, such as Pix, intellectual property, anti-corruption efforts, and market access, among others, negatively affect the U.S.

The punitive tariff proposal was put up for public comment, meaning the 25% tariff does not take effect immediately and opens a period for interested parties to submit comments. A public hearing is scheduled for July 6 in Washington, D.C.

Brazilian products are already subject to a 10% duty, imposed globally by Trump after the country’s Supreme Court invalidated the sweeping tariff package. That measure is valid until the end of July.

Welber Barral, a partner at BMJ and at law firm Barral Parente Pinheiro, said the strategy now for affected companies and sectors is to file petitions and demonstrate the tariff’s impact on U.S. production and prices.

He said companies will have a better chance if they can mount their defense together with U.S. importers, who can describe the effect of the new tariff on their costs and the importance of Brazilian supply.

Legal challenges

Vera Kanas, a lawyer specialized in international trade and a partner at VK Law, noted that, in addition to the process that led to the 25% tariff, Brazil is, alongside 59 other countries, the target of another Section 301 investigation into imports from countries that allegedly fail to combat forced labor.

Kanas said the tariffs now proposed under Section 301 are harder to overturn than the 40%-50% sweeping tariff the U.S. imposed on Brazilian imports last year under the IEEPA, the law used in cases of international economic emergencies. Section 301, she said, is more consolidated legislation. “This time, unlike with the IEEPA, there should not be U.S. companies importing Brazilian products on the assumption that they will later be able to request a refund,” Kanas noted.

The USTR report says the new tariff should not apply to aircraft and parts, orange juice, some foods such as coffee and meat, pulp, certain minerals, fertilizers, and critical and strategic minerals.

Valor found 986 items on the exemption list, based on six-digit Harmonized System codes. Of those, Brazil exported 666 products to the U.S. in 2024, before the effects of the current Trump administration’s policies.

In terms of quantity, there are more items than the 433 that were exempted from last year’s so-called 40% to 50% tariff and that were effectively shipped in 2024. In terms of exempted values, however, the list now proposed is smaller because certain types of crude cast iron were not included in the exemptions.

According to Valor’s calculations, based on 2024 exports, before the impact of the current Trump administration’s tariff policy, the new measure could affect 45.8% of shipments to the U.S., worth $18.5 billion.

The Section 301 report does not affect products subject to sectoral tariffs applied on national security grounds under Section 232, another U.S. trade law, from 1962. That process is therefore running in parallel with the Section 301 investigations and includes items such as steel, aluminum, and derivatives.

Impact estimates

The American Chamber of Commerce says the new tariff could affect about $15 billion in exports to the U.S., or 35.5% of Brazilian shipments, in a calculation that used the U.S. 2024 database. The segments potentially most affected are basic industry, machinery and equipment, agribusiness, forest products, and processed foods. Pig iron could be the product most affected, with $1.54 billion in exports subject to the tariff.

Sergio Vale, chief economist at MB Associados, said the proposal should mainly affect the manufacturing industry, in line with Trump’s campaign to reindustrialize the country. Vale estimates that about 27% of what Brazil exported to the U.S. in 2025, or $10.1 billion, would be exposed to the new tariff.

He said the measure will result in an even greater decline in the U.S. share of Brazilian exports and an increasingly closer relationship between Brazil and China. In 2024, the U.S. absorbed 12% of Brazilian exports, a share that fell to 10.8% last year. Over the same period, China’s share rose to 28.7% from 28%.

Vale said it seems almost inevitable that the new tariff will materialize, even with the USTR process still open. “The U.S. government offered a menu of very subjective justifications, such as deforestation or intellectual property, or intangible ones, such as Pix. The instant-payment system is embedded in the Brazilian economy, made credit cheaper, brought a large number of people into the banking system, and there is no going back.”

More optimistically, Márcio Elias Rosa, minister of Development, Industry, Trade and Services, said the new measure could cover 21% of total sales to the U.S. The minister said 54% of exports to the U.S. are free from the sweeping tariff and 25% are under Section 232. He cited machinery and equipment among the sectors most affected, with “major losses” for employment, income, and industry. When citing the most affected segments, Rosa said the impact would occur if the proposal becomes tariffs, “which we believe will not happen.”

According to José Ronaldo Souza Junior, CEO of Quantivis Analytics, the Section 301 measure could affect as much as 43.7% of Brazilian exports to the U.S., considering 2025 data. In value terms, exports of those products to the U.S. totaled $16.5 billion last year. He said the calculations are not precise because it is necessary to reconcile data from the USTR list, which uses an eight-digit classification, with the Brazilian government’s more limited six-digit Mercosur standard.

*By Álvaro Fagundes, Grace Vasconcelos, Hamilton Ferrari, Marcelo Osakabe, Mariana Andrade and Marta Watanabe — São Paulo and Brasília

Source: Valor International

https://valorinternational.globo.com/

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Raízen nears $1.4 billion sale of Argentina business

Deal with Swiss trader Mercuria would provide major cash infusion as Brazilian energy group restructures R$65bn in debt

 

Raízen is in advanced negotiations to sell its operations in Argentina for $1.4 billion (about R$7 billion) to a consortium led by Swiss commodities trader Mercuria Energy Group, Valor has learned.

The transaction, which could be signed within the coming days, is expected to close within three months and would provide a significant cash boost to Raízen. The energy company, a joint venture between Cosan and Shell, is currently restructuring R$65 billion in debt through an out-of-court reorganization process. Some contractual details are still pending approval.

Raízen’s assets in Argentina include a refinery, a lubricants plant, and a fuel station network that previously belonged to Shell. Those assets were sold to the joint venture in 2018 for $950 million.

The sale process, which began about 18 months ago, attracted interest from major industry players, including Trafigura, Vitol, and Saudi Aramco. Local investors also reviewed the asset, and Argentine businessman José Luis Manzano—already a partner of Mercuria in other ventures—is part of the buying consortium, according to sources.

With leverage remaining elevated—net debt stood at 5.3 times EBITDA as of March—Raízen has sold roughly R$5 billion in assets since early last year, including sugarcane mills and distributed-generation businesses.

The Argentina operation, however, represents the company’s largest divestment to date and has been closely watched by creditors, who are nearing completion of negotiations over Raízen’s restructuring plan.

Broadly speaking, the proposed restructuring includes an injection of at least R$3.5 billion from Shell and a potential R$500 million contribution from a vehicle controlled by Aguassanta, the family office of Rubens Ometto, Cosan’s controlling shareholder. The plan also calls for a swap of 45% of the debt into equity and the restructuring of the remaining 55% debt profile.

BTG Pactual is advising Raízen on the sale of its Argentina business, while UBS is advising Mercuria. Raízen declined to comment, and Mercuria had not responded by press time.

According to sources, Raízen is also expected to finalize the wording of the documentation required to obtain creditor approval of its out-of-court restructuring plan in the coming days. There had been expectations that the process would be completed by last weekend, but several adjustments were required given the complexity of the negotiations, Valor has learned.

The broad terms of the agreement have already been settled, including with holders of the company’s international bonds, who had temporarily withdrawn from negotiations several weeks ago. As a result, the company expects to secure support from more than half of the outstanding debt volume required to approve the restructuring plan.

As previously reported by Valor, the group of foreign bondholders succeeded in obtaining a modest improvement in the interest rate on the remaining debt that will be extended, from 7.5% to 8%, prompting them to return to the negotiating table.

Of the R$65 billion in debt subject to restructuring, 45% will be converted into equity, effectively making creditors the company’s controlling shareholders.

It remains unclear whether Ometto will ultimately provide the planned R$500 million capital injection, as creditors have demanded that he step down as chairman.

Upon completion of the restructuring, the company will be split into two separate entities: Raízen Energia and Raízen Combustíveis. Raízen has until June 8 to obtain approval for its out-of-court restructuring plan.

*By Mônica Scaramuzzo, Stella Fontes and Fernanda Guimarães — São Paulo

Source: Valor International

https://valorinternational.globo.com/

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Pix entrou na mira porque deu certo, avalia procuradora do Banco Central

Para Natália Barbosa, sistema tornou-se referência por promover inclusão financeira e reduzir dependências dentro do mercado de pagamentos.

 

 

 

3 de junho de 2026

O avanço tecnológico é o principal caminho para que o Brasil enfrente pressões econômicas internacionais e fortaleça sua posição no cenário global. A avaliação é de Natália Alves Duarte Barbosa, procuradora do Banco Central da República Federativa do Brasil e professora do IDP, em entrevista concedida ao Migalhas durante o XIV Fórum de Lisboa.

A declaração ocorre em meio à repercussão de críticas do governo dos Estados Unidos ao Pix. Em relatório divulgado nesta semana, o Escritório do Representante Comercial dos EUA (USTR) acusou o Brasil de favorecer o sistema de pagamentos instantâneos criado pelo Banco Central em detrimento de empresas americanas do setor, e sugere taxação de 25% sobre os produtos brasileiros.

Para Natália Barbosa, embora os EUA exerçam forte influência sobre a economia mundial, o Brasil possui instrumentos para responder a eventuais impactos econômicos e comerciais.

A procuradora destaca que um dos principais exemplos do potencial brasileiro é o Pix. Justamente por ter alcançado ampla adesão da população e promovido mudanças significativas no mercado financeiro, o sistema passou a atrair atenção internacional.

 

Taxação

O relatório da USTR sustenta que o Banco Central favorece o Pix ao exigir sua disponibilização por instituições financeiras e incentivar sua utilização pelos usuários. Segundo o órgão americano, essas medidas prejudicariam empresas como Visa, Mastercard e WhatsApp Pay.

A investigação integra um processo iniciado pelo governo Donald Trump sobre supostas práticas comerciais desleais do Brasil. Além das críticas ao sistema de pagamentos instantâneos, o documento sugere a aplicação de tarifas de 25% sobre parte dos produtos brasileiros.

O relatório ainda será submetido a manifestações do governo brasileiro e de empresas interessadas antes da eventual adoção de medidas comerciais.

Para Natália, contudo, o debate evidencia um ponto central: o protagonismo conquistado por soluções tecnológicas desenvolvidas no Brasil.

O evento

O XIV Fórum Lisboa acontece de 1 a 3 de junho e tem como tema “Nova Ordem Internacional, Tecnologia e Soberania: Desafios democráticos, econômicos e sociais”. O evento reúne autoridades e acadêmicos de diversas áreas para debater questões ligadas à inteligência artificial, regulação de plataformas digitais, proteção de crianças no ambiente online, segurança pública e impactos da tecnologia sobre a democracia.

Fonte: https://www.migalhas.com.br/quentes/457349/pix-entrou-na-mira-porque-deu-certo-avalia-procuradora-do-bc

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