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BRAZIL: Import Tariffs On Food Products Scrapped, Q4 GDP, Feb Trade Due

BRAZIL
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  • VP Alckmin has said that the government will eliminate tariffs on a series of basic food products, in an effort to reduce food price pressures that have been weighing on President Lula’s popularity. The measures should come into effect in the next few days. Alckmin also said that he will have more meetings with US Commerce Secretary Lutnick in the coming days, after a virtual meeting yesterday to discuss the US tariff policy. Alckmin believes the countries will reach a good understanding on bilateral trade.
  • On the data front, Q4 GDP is expected to rise by a further 0.4% q/q, following a 0.9% gain in Q3 (1200GMT/0700ET). This would leave annual GDP growth unchanged at 4.0% y/y in Q4, taking full-year growth to 3.5%. Later today, the trade surplus is seen edging down to $1.9bn in February, from $2.16bn (1800GMT/1300ET). February vehicle sales data from Fenabrave will also cross later.
    • 4Q GDP QoQ, est. 0.4%, prior 0.9%
    • 4Q GDP YoY, est. 4.0%, prior 4.0%
    • Feb. Trade Balance Monthly, est. $1.9b, prior $2.16b
  • Meanwhile, Finance Minister Haddad will give an interview to local podcast Flow at 2200GMT(1700ET) today. Earlier, BCB economic policy director Guillen will attend the Monetary Transmission and Labour Market conference, organised by Bank of Portugal at 1615GMT(1115ET).
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  • VP Alckmin has said that the government will eliminate tariffs on a series of basic food products, in an effort to reduce food price pressures that have been weighing on President Lula’s popularity. The measures should come into effect in the next few days. Alckmin also said that he will have more meetings with US Commerce Secretary Lutnick in the coming days, after a virtual meeting yesterday to discuss the US tariff policy. Alckmin believes the countries will reach a good understanding on bilateral trade.
  • On the data front, Q4 GDP is expected to rise by a further 0.4% q/q, following a 0.9% gain in Q3 (1200GMT/0700ET). This would leave annual GDP growth unchanged at 4.0% y/y in Q4, taking full-year growth to 3.5%. Later today, the trade surplus is seen edging down to $1.9bn in February, from $2.16bn (1800GMT/1300ET). February vehicle sales data from Fenabrave will also cross later.
    • 4Q GDP QoQ, est. 0.4%, prior 0.9%
    • 4Q GDP YoY, est. 4.0%, prior 4.0%
    • Feb. Trade Balance Monthly, est. $1.9b, prior $2.16b
  • Meanwhile, Finance Minister Haddad will give an interview to local podcast Flow at 2200GMT(1700ET) today. Earlier, BCB economic policy director Guillen will attend the Monetary Transmission and Labour Market conference, organised by Bank of Portugal at 1615GMT(1115ET).