U.S.-Brazil Trade Relations (CRS Report for Congress)
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| Release Date |
Revised Oct. 23, 2020 |
| Report Number |
IF10447 |
| Report Type |
In Focus |
| Authors |
M. Angeles Villarreal, Andres B. Schwarzenberg |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Brazil is the United States’ twelfth largest global trading
partner and second largest Latin American trading partner.
Bilateral trade increased significantly in the last 15 years,
despite differences in trade policy. Brazil’s trade policy has
focused more regionally on South America, while that of
the United States has emphasized the negotiation of free
trade agreements (FTAs) throughout the world. The United
States has had a bilateral merchandise trade surplus with
Brazil since 2008 and a services trade surplus since at least
1992. Bilateral merchandise trade fell in 2015 due to a drop
in commodity prices, specifically oil, as well as the
recession in Brazil. With Brazil’s currency – the real –
depreciating amid one of the country’s worst recessions,
there could be opportunities for an opening and deepening
of U.S.-Brazil trade relations. Brazilian President Dilma
Rousseff’s impeachment proceedings and developments in
neighboring countries, such as the election of trade-friendly
Mauricio Macri in Argentina, may influence Brazil to
reconsider its inward-looking trade policy and pursue a
more-open trade strategy, which could have implications
for U.S.-Latin America regional trade relations.
