Core Viewpoint - The Brazilian Ministry of Finance reported that the GDP is expected to decline by 0.2 percentage points due to high tariffs imposed by the U.S. on Brazilian goods, with significant impacts on employment and inflation [1] Economic Impact - The tariff impact is projected to result in the loss of approximately 138,000 jobs, primarily in the industrial and service sectors [1] - Inflation is expected to rise slightly, adding pressure to the overall economic performance [1] Government Response - The Brazilian government plans to implement measures such as export credit support, deferring tax payments, and expanding public procurement to mitigate external shocks, which could reduce the GDP loss to 0.1 percentage points [1] Tariff Details - Since August, the U.S. has imposed a 40% tariff on Brazilian products, with many facing a total tariff rate of up to 50% [1] - In 2024, Brazil's total exports to the U.S. are estimated at $40.3 billion, accounting for 12% of total exports, with approximately $16.4 billion of goods subject to the 50% tariff [1] - The U.S. tariff measures are expected to significantly impact industries that primarily export to the North American market [1]

Core Viewpoint - Fitch Ratings predicts that due to the impact of U.S. tariffs, Canada is expected to enter an economic recession, with GDP projected to decline for three consecutive quarters starting from the second quarter [1] Group 1 - The anticipated economic downturn in Canada is attributed to the effects of U.S. tariffs [1] - The forecast indicates a decline in Canadian GDP over three quarters [1]

Core Viewpoint - The decline in GDP may be attributed to the backlog of imported goods inventory [1] Group 1 - The U.S. Treasury Secretary, Janet Yellen, indicated that the GDP decrease could be linked to the accumulation of imported goods [1]