Bradesco ‘Boss’ spares no praise for Lula and highlights the government’s foreign policy

The year 2025 will be recorded as one of the most turbulent for the global economy and international trade since the 2008 financial crisis. The main factor of instability was the tariffs imposed by the USA to more than 180 countries, an unprecedented measure that affected production chains, export flows and diplomatic relations on a global scale. In the case of Brazil, however, the response to the external shock followed a different path: instead of confrontation, dialogue, institutional coordination and gradual negotiation prevailed.

The assessment is made by the president of the board of directors of the Bradesco, Luiz Carlos Trabuco Cappiin an article published in the newspaper The State of S. Paulo. In the text, Trabuco analyzes the impacts of American tariffs and argues that the strategy adopted by the Brazilian government resulted in important victories for foreign policy and foreign trade performance, even in an adverse global scenario.

Rates started in April and escalated mid-year

According to the article, the first round of tariffs was announced in April 5, 2025during the call Liberation Daywhen the United States imposed an initial tax on 10% about Brazilian products. The situation worsened in July, with an additional increase in 40%creating, in Trabuco’s words, “an almost insurmountable difficulty for Brazilian products to access the main consumer market in the world”.

The tariff escalation generated strong concerns about the effects on the global economy. Analysts began to discuss risks of a retraction in international trade, increased costs and possible trade wars. For exporting countries like Brazil, the measure represented a direct threat to the competitiveness of strategic sectors.

Brazilian strategy avoided retaliation and bet on negotiation

Given this scenario, Brazil opted for a strategy that moved away from the confrontational rhetoric adopted by other countries. According to Trabuco, “what prevailed were temperance, patience and parsimonious statements”, both in public discourse and in diplomatic actions.

Instead of retaliating with equivalent tariffs or adopting aggressive statements, the Brazilian government prioritized institutional dialogue and coordination with different actors in the American market. This movement involved national exporting companies, importers from the United States, sector representatives and diplomats, creating an environment conducive to technical negotiation.

The results of this effort, according to the article, began to appear at the end of the year. In November 2025the United States suspended the 40% additional tax applied to Brazilian products, reopening the way for negotiations aimed at normalizing trade relations between the two countries.

Companies reacted and expanded their presence in new markets

Even with the American market temporarily more restrictive, the Brazilian private sector showed the ability to adapt. The article highlights that several companies sought alternatives to maintain business volume, expanding exports to countries with which Brazil already had commercial relations and opening new markets.

This movement, according to Trabuco, highlighted the quality and competitiveness of Brazilian products, which managed to reposition themselves in global chains despite the unfavorable environment. The diversification of destinations helped to reduce dependence on a single market and preserve the growth rate of exports.

Record numbers in foreign trade in 2025

The data presented in the article reinforces the resilience reading of the Brazilian economy. The estimate is that the exports reach US$345 billion in 2025a historic record. The flow of trade with the world must reach US$629 billiongrowth close to 10% in relation to 2024.

Trabuco attributes this performance to the increase in the volume of operations and the opening of markets in 80 countries in the last three years. Until the first half of December, the Brazilian trade balance already exceeded US$61.1 billionindicating a strong contribution from the external sector to the national economy.

Economic resilience and lessons for the future

At the conclusion of the article, Trabuco classifies the American tariff as “the most relevant economic fact of the year” and assesses that the episode left important lessons for the conduct of economic and foreign policy. For him, the Brazilian response demonstrated that, in scenarios of extreme pressure, the search for negotiated solutions can be more effective than immediate reactions.

“The tariff leaves as a lesson the importance of humility and patience in managing aggressively challenging scenarios, and thus prevent short-term haste from becoming a long-term problem”, states the author.

According to Trabuco, the combination of active diplomacy, coordination with the private sector and expansion of markets contributed to preserving Brazil’s position in international trade and preventing an external shock from turning into a prolonged crisis for the national economy.