Aug. 20 (UPI) -- After Washington imposed 50% tariffs on Brazilian exports, President Luiz Inácio Lula da Silva's government launched the Sovereign Brazil Plan, a $5.5 billion emergency package combining subsidized credit and guarantees for the hardest-hit exporters.
The initiative also includes tax deferrals, tax credits through 2026, expanded access to insurance against canceled orders and public purchases to absorb agricultural and industrial surpluses.
The aid -- tied to preserving jobs -- is paired with a diplomatic push and efforts to open new markets to prevent production cuts and protect growth.
"We cannot be scared, nervous or anxious when there is a crisis. A crisis is for creating new things," Lula said Aug. 13 as he presented the measures.
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