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Minister of Labor Details Impact Numbers, but Reveals that the High Domestic Interest Rate is a More Urgent Challenge for the Economy than American Trade Barriers.
The Minister of Labor, Luiz Marinho, projected that the U.S. Tariff on Brazilian products could impact, in the worst-case scenario, up to 330 thousand jobs per year in the country. He, however, emphasized that the government is already working to mitigate these effects, while criticizing the current level of the interest rate, considering it the main economic challenge for Brazil.
Potential Impact on the Brazilian Labor Market
The Minister of Labor, Luiz Marinho, quantified the possible impact of the U.S. Tariff on employment. According to him, the maximum effect would be the loss of 320 thousand to 330 thousand jobs in a year. “The size of the impact, if everything went wrong, won’t all go wrong, we would have an impact, at most, of around 320 thousand to 330 thousand,” he stated.
Of that total, about 121 thousand would be direct jobs. Another 210 thousand jobs would be indirectly affected by the American measure. Marinho, however, expressed optimism that the most pessimistic scenario will not materialize.
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High Interest Rates: the “Main Problem” for the Economy, According to Marinho
Despite concerns about the U.S. Tariff, Marinho was emphatic in pointing out another villain for the national economy. For him, the current interest rate is “our main problem”, surpassing trade barriers.
In tune with the Minister of Finance, Fernando Haddad, he made an appeal for interest rate reductions. “Like Haddad, I ask the saint of interest rates to lower the rates,” declared Marinho, making clear the government’s priority in the economic debate.
Actions of the Federal Government to Contain the Effects of the Tariff
The Brazilian government is not standing still in the face of the threat. Marinho highlighted that, under President Lula’s guidance, pathways are being charted to neutralize the effects of the U.S. Tariff. One of the main strategies is the opening of new markets for Brazilian products.
He cited the official mission of Vice President Geraldo Alckmin to Mexico as a practical example of this initiative. In addition, the head of the Labor Ministry informed that he is closely monitoring the measures sent to Congress to protect exporting sectors.
Dialogue with Productive Sectors and Current Situation
The Ministry of Labor is open to dialogue. Marinho stated that he is “available” to talk with companies that may need adjustments in their workforce due to the U.S. Tariff.
However, he informed that, to date, the ministry has not received any formal requests from companies. “In fact, there has been no formal request made to the Ministry of Labor and Employment yet,” he said. According to the minister, only statements from sectors have been received, without direct contacts from companies to request measures such as reducing working hours or collective vacation.
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