Haddad: Trump election won’t compromise Brazil-U.S. relations

Finance Minister Fernando Haddad said Wednesday that a Donald Trump victory in the upcoming U.S. election would not affect Brazil’s relationship with the U.S. on issues such as climate change. 

“It’s hard to give an opinion about an election in another country,” Mr. Haddad told reporters at a G20 meeting in Rio de Janeiro. “The relationship between both countries is very old and brings mutual benefits … I don’t see why a shift [in power] could risk this type of partnership.”

Prediction markets (which foresaw Joe Biden dropping out of the race months ago) give Mr. Trump a 62 percent electoral college win probability against Kamala Harris, the de facto Democratic nominee. The former president’s chances, however, have dropped 2 points since July 20, when Mr. Biden was still in the race.

Mr. Trump, a climate change denialist who served as the U.S. president between 2017 and 2020, announced the U.S.’s withdrawal from the Paris climate agreement five months into his term. In early 2021, his successor Joe Biden moved to reinstate the U.S. to the agreement, hours after being sworn in. 

Conversely, President Luiz Inácio Lula da Silva has publicly praised Mr. Biden. Both leaders launched the Partnership for Workers’ Rights in New York last year, which aims primarily to improve wages and working conditions for gig workers. 

Under Mr. Biden, the U.S. also donated USD 50 million to the Amazon Fund, a program to combat deforestation suspended during Jair Bolsonaro’s far-right administration (2019-2022).

On Wednesday morning, Mr. Haddad held a bilateral meeting with U.S. Treasury Secretary Janet Yellen. Regarding the meeting, he said Brazil and the U.S. will make “an upcoming announcement” on energy transition, without providing details. 

Mr. Haddad added that there has been “growing interest” in establishing an international standard for taxing billionaires. The Brazilian government commissioned a study on the topic as part of its G20 presidency. The study was authored by French economist Gabriel Zucman, who also wrote a similar proposal in a report funded by the European Union.

The finance minister also mentioned that Brazil intends to strengthen ties with Europe and conclude the European Union-Mercosur trade agreement. However, Lula and other government officials have publicly criticized the deal’s terms.

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