His decree regulating the trade reciprocity law, which Brazil's Congress passed in April, should be published in the official gazette on Tuesday, Costa added. Last week, U.S. President Donald Trump said he would impose a 50% tariff on Brazilian exports.

In response to Trump tariffs, the Brazilian President has flagged reciprocal levies if the U.S. tariffs go into effect by the Aug. 1 deadline set by the U.S. President.

Brazil’s President forcefully rebuked Trump after the U.S. leader called the prosecution of Lula’s predecessor, Bolsonaro, a “witch hunt” and hiked tariffs on the Latin American nation.