The Brazilian government has unveiled a plan to support local exporters affected by U.S. tariffs. President Luiz Inácio Lula da Silva announced a credit lifeline of $5.5 billion as part of the "Sovereign Brazil" plan.

Brazilian President Luiz Inacio Lula da Silva on Wednesday announced a plan to support exporters hit by high tariffs of up to 50% imposed by US President Donald Trump on several products from the country. The plan provides credit of 20 billion reais ($5.5 billion; €4.7 billion) to support embattled exporters.

The Brazilian government announced a wide-ranging support plan on Wednesday to help exporters impacted by a 50% import duty applied by U.S. President Donald

BRASILIA (Reuters) -Brazil's government unveiled on Wednesday a long-awaited aid package for companies hurt by steep U.S. tariffs, centered on credit lines for exporters and government purchases of products that face greater hurdles in finding alternative markets.

Trump announced an additional 25% tariff on Indian goods on Wednesday, raising the total duty to 50% — among the highest imposed on any U.S. trading partner. The additional tariff, effective August 28, is meant to penalise India for continuing to buy Russian oil, Trump has said.

Brazil's President Luiz Inacio Lula da Silva on Tuesday said his government would provide 30 billion reais ($5.55 billion) in credit as part of a plan to support companies that export goods and are affected by steeper tariffs imposed from Washington.