Xinhua Agency, Sao Paulo, August 29 (Reporters Yang Jia and Wu Hao) The Brazilian government launched procedures related to the Economic Parity Act on the 29th to deal with the United States imposing a 50% tariff on Brazilian exports. Brazilian President Lula said that although Brazil has begun to prepare for countermeasures, it still hopes to resolve the dispute through negotiations.

According to Brazilian media reports, the Brazilian Embassy in the United States officially notified the Office of the United States Trade Representative on the 29th that Brazil will initiate corresponding procedures for the United States to impose high tariffs on Brazil according to the Economic Equivalence Act.

"We have to make it clear to the United States that Brazil has its own measures," Lula said in an interview in Minas Gerais state on the 29th. Brazil is willing to talk "24 hours a day", but unfortunately has not been able to engage with the high-level US side so far. Brazil has submitted to the World Trade Organization for consultations on US tariffs, but the international process is lengthy, so it is necessary to move forward with domestic legal mechanisms simultaneously.

Lula authorized the Brazilian government department to conduct an investigation to assess whether the US unilateral tariff behavior meets the conditions for the use of the economic reciprocity bill, and to submit a technical analysis report within 30 days to propose countermeasures.

The Brazilian Congress passed the Economic Equivalence Act in April this year. In the event that unilateral actions by other countries or economies have a negative impact on Brazil's international competitiveness, the Brazilian Foreign Trade Commission can "take countermeasures in the form of restricting the import of goods and services" by imposing taxes on products exported to Brazil.