Brasilia: Brazilian President Luiz Inacio Lula da Silva has asked U.S. President Donald Trump to suspend an additional 40 percent tariff on Brazilian products as bilateral negotiations continue. "The president has requested that the tariff be paused while negotiations are underway. We must wait," said Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin on Friday.

According to Namibia Press Agency, Alckmin stated that talks between Brazil and the United States are "making progress" since the Trump administration decided to reduce the original tariff's scope. Initially, almost 4,000 Brazilian products were subject to a combined 50 percent tariff. He recalled that when the executive order was first issued, 37 percent of Brazilian exports faced the combined 10 percent plus 40 percent tariff.

Since the initial imposition, the percentage of Brazilian exports affected has decreased to 22 percent, showing a reduction of about one-third of the products originally under the tariff, as per Alckmin. He also noted that 51 percent of Brazil's exports are now subject to either zero or 10 percent tariffs, while 27 percent fall under Section 232, which is "very close to what other competitors face."