Brazil’s National Confederation of Industry (CNI) has highlighted a major opportunity to strengthen trade with the United States. According to the CNI, Brazil could receive tariff exemptions on nearly $8 billion worth of exports. This optimistic projection follows a 30-minute phone call between the Brazilian and U.S. presidents, who both shared positive updates. The CNI suggests that 1,908 different products could be included in this new agreement, aiming to reduce tariffs back to a lower rate of around 10%. This negotiation is crucial because recently imposed high tariffs caused a significant 20% decrease in Brazilian exports to the U.S. In response, a group of over 130 Brazilian business leaders had previously met with their American counterparts to push for a change. While Brazil has found success in other international markets, normalizing the historic 200-year trade relationship with the United States is a top priority for economic stability and growth.
New Words:
1. Exemption: Special permission not to have to pay something, such as a tax.
Example: The new law provides a tax exemption for small businesses.
2. Negotiation: A formal discussion between people who are trying to reach an agreement.
Example: The negotiation between the company and the workers lasted for three days.
3. Optimistic: Feeling or showing hope and confidence about the future.
Example: She is optimistic that they will find a solution to the problem.
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