{"id":6799,"date":"2025-09-08T17:09:34","date_gmt":"2025-09-08T20:09:34","guid":{"rendered":"https:\/\/artica.capital\/?post_type=pilulas&#038;p=6799"},"modified":"2026-09-29T15:10:50","modified_gmt":"2026-09-29T18:10:50","slug":"a-politica-tarifaria-do-trump-motivadores-e-consequencias","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/a-politica-tarifaria-do-trump-motivadores-e-consequencias\/","title":{"rendered":"Trump's Tariff Policy: Drivers and Consequences"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Em 9 de julho de 2025, os Estados Unidos anunciaram um aumento tarif\u00e1rio de at\u00e9 50% sobre importa\u00e7\u00f5es brasileiras no pa\u00eds, motivado por tr\u00eas principais quest\u00f5es (expl\u00edcitas): o d\u00e9ficit comercial bilateral, a prote\u00e7\u00e3o \u00e0 ind\u00fastria americana e a inseguran\u00e7a jur\u00eddica no Brasil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buscando entender o real impacto das tarifas, e que postura esperar do governo brasileiro, analisamos os motivadores mais a fundo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Exploramos: a din\u00e2mica da balan\u00e7a comercial entre Brasil e EUA, os principais produtos exportados pelo Brasil ao mercado americano e os poss\u00edveis desdobramentos econ\u00f4micos dessas a\u00e7\u00f5es, como o redirecionamento de exporta\u00e7\u00f5es, o impacto nas margens das empresas e a crescente press\u00e3o por medidas compensat\u00f3rias por parte do Brasil.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 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.r{display:grid;grid-template-columns:minmax(90px,30%) 1fr auto;gap:10px;align-items:center}\n.pil-hbars .bar{background:var(--pale);height:18px}\n.pil-hbars .bar i{display:block;height:100%;background:var(--blue)}\n.pil-hbars em{font-style:normal;font-weight:700;color:var(--navy);min-width:48px;text-align:right}\n\/* cartoes de numeros *\/\n.pil-box{border:2px solid var(--navy);border-radius:0 0 10px 10px;background:#fff}\n.pil-box>h3{margin:0;background:var(--navy);color:#fff;font-size:14px;text-align:center;padding:8px}\n.pil-stat{text-align:center;padding:16px 14px;font-size:13px;line-height:1.45}\n.pil-stat strong{display:block;font-size:40px;color:var(--blue);font-weight:800;line-height:1.1}\n.pil-stat strong small{font-size:22px}\n.pil-stat em{font-style:normal;color:var(--blue);font-weight:700}\n.pil-card{background:#fff;border-radius:12px;box-shadow:0 1px 5px rgba(0,0,0,.14);padding:14px 16px;font-size:13px;line-height:1.5}\n.pil-card h3{font-size:15px;color:var(--navy);margin:0 0 8px}\n.pil-card.tint{background:var(--card);box-shadow:none}\n\/* listas e fatos *\/\n.pil-list{margin:0;padding-left:18px;font-size:14px;line-height:1.6}\n.pil-list li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2><i>O nacionalismo econ\u00f4mico de Trump<\/i><\/h2>\n  <div class=\"pil-sub\"><span>Linha do tempo: principais acontecimentos da pol\u00edtica tarif\u00e1ria do presidente dos EUA em 2025<\/span><\/div>\n  <div class=\"pil-grid2 wide-left\">\n    <div class=\"pil-time\">\n      <div><b class=\"y\">Fev 25<\/b><ul class=\"pil-list\"><li>10% de tarifas sobre a China<\/li><li>25% de tarifas sobre M\u00e9xico e Canad\u00e1<\/li><\/ul><\/div>\n      <div><b class=\"y\">Mar 25<\/b><ul class=\"pil-list\"><li>Aumento para 20% de tarifas sobre a China<\/li><li>25% de tarifas sobre alum\u00ednio e a\u00e7o<\/li><\/ul><\/div>\n      <div><b class=\"y\">Abr 25<\/b><ul class=\"pil-list\"><li>Tarifa universal de 10% sobre todos pa\u00edses<\/li><li>Ado\u00e7\u00e3o de pol\u00edtica de reciprocidade de tarifas<\/li><\/ul><\/div>\n      <div><b class=\"y\">Mai 25<\/b><ul class=\"pil-list\"><li>Escalada de tens\u00e3o com China (tarifas chegam a 145%, mas negocia\u00e7\u00f5es finais abaixam para 30%)<\/li><\/ul><\/div>\n      <div><b class=\"y\">Jun 25<\/b><ul class=\"pil-list\"><li>Tarifas sobre alum\u00ednio e a\u00e7o dobram para 50%<\/li><\/ul><\/div>\n      <div><b class=\"y\">Jul 25<\/b><ul class=\"pil-list\"><li><b style=\"background:var(--pale);padding:0 4px\">50% de tarifas sobre o Brasil<\/b><\/li><li>Aumento para 30% de tarifas sobre M\u00e9xico e Europa<\/li><\/ul><\/div>\n    <\/div>\n    <div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-bandeiras.png\" alt=\"Bandeiras dos EUA e do Brasil com espadas cruzadas entre elas\" loading=\"lazy\" style=\"max-width:200px;margin:0 auto 10px\">\n      <div style=\"border:1.5px dashed var(--navy);padding:14px;background:#fff\">\n        <p style=\"margin:0 0 12px;text-align:center;font-weight:700;color:var(--navy);font-size:15px\">Trechos da Carta de Trump justificando tarifa de 50% ao Brasil<\/p>\n        <div class=\"pil-card tint\" style=\"text-align:center;margin-bottom:10px\"><h3>Desigualdade comercial:<\/h3><i>\u201cPor favor, entenda que os 50% s\u00e3o muito menos do que seria necess\u00e1rio para termos igualdade de condi\u00e7\u00f5es em nosso com\u00e9rcio com seu pa\u00eds\u201d<\/i><\/div>\n        <div class=\"pil-card tint\" style=\"text-align:center;margin-bottom:10px\"><h3>Incentivo \u00e0 ind\u00fastria dos EUA:<\/h3><i>\u201cSe o senhor desejar abrir seus mercados comerciais, at\u00e9 agora fechados, [&#8230;] n\u00f3s poderemos, talvez, considerar um ajuste nesta carta\u201d<\/i><\/div>\n        <div class=\"pil-card tint\" style=\"text-align:center\"><h3>Inseguran\u00e7a jur\u00eddica no Brasil:<\/h3><i>\u201cEm parte devido aos ataques insidiosos do Brasil contra elei\u00e7\u00f5es livres e \u00e0 viola\u00e7\u00e3o fundamental da liberdade de express\u00e3o dos americanos\u201d<\/i><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: <i>Clippings<\/i>; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>D\u00e9ficit ou Superavit ?<\/i><\/h2>\n  <div class=\"pil-sub\"><span>Balan\u00e7a comercial: Brasil e Estados Unidos (2024)<\/span><\/div>\n  <div class=\"pil-grid2 wide-right\" style=\"align-items:center\">\n    <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-podio.png\" alt=\"P\u00f3dio dos principais destinos das exporta\u00e7\u00f5es brasileiras: 1\u00ba China, 2\u00ba EUA, 3\u00ba Argentina\" loading=\"lazy\" style=\"max-width:220px;margin:0 auto\">\n    <div class=\"pil-note solid\" style=\"border-style:dashed;margin-top:0\"><span>Os EUA s\u00e3o o 2\u00b0 principal destino de produtos brasileiros contabilizando <b>12% do total de exporta\u00e7\u00f5es em 2024.<\/b><br><br>Quando olhamos o resultado da balan\u00e7a comercial entre os dois pa\u00edses, <b>os EUA apresentam superavit comercial com o Brasil desde 2010.<\/b><\/span><\/div>\n  <\/div>\n  <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:6px;margin-top:18px\"><span class=\"pil-unit\">US$ bilh\u00f5es<\/span><span class=\"pil-legend\"><span><i style=\"border:2px solid var(--blue);border-radius:50%;background:transparent\"><\/i><span>% do total de exporta\u00e7\u00f5es do Brasil<\/span><\/span><span><i style=\"border:1.5px solid #333;background:#fff\"><\/i><span>Resultado comercial<\/span><\/span><span><i style=\"background:var(--blue);height:3px\"><\/i><span>Exporta\u00e7\u00f5es<\/span><\/span><span><i style=\"background:#d9152b;height:3px\"><\/i><span>Importa\u00e7\u00f5es<\/span><\/span><\/span><\/div>\n  <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-grafico.png\" alt=\"Gr\u00e1fico de linhas das exporta\u00e7\u00f5es do Brasil para os EUA e das importa\u00e7\u00f5es dos EUA, 2000 a 2025, em US$ bilh\u00f5es. Resultado comercial: super\u00e1vit brasileiro de 0 a 10 entre 2000 e 2008 (0, 1, 5, 7, 9, 10, 10, 6, 1) e d\u00e9ficit a partir de 2009: (4), (8), (8), (6), (11), (8), (2), (1), (1), (4), (5), (6), (8), (14), (1), 0, (2). \u00daltimos valores: exporta\u00e7\u00f5es 31, 37, 37, 40, 20; importa\u00e7\u00f5es 39, 51, 38, 41, 22. Participa\u00e7\u00e3o dos EUA no total exportado pelo Brasil: 24% em 2000, 19% em 2005, 10% em 2010, 13% em 2015, 10% em 2020 e 12% em 2025\" loading=\"lazy\" style=\"margin-top:6px\">\n  <div class=\"pil-src\">Fonte: An\u00e1lise \u00c1rtica; Minist\u00e9rio do Com\u00e9rcio (MDIC).<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>Os EUA s\u00e3o um importante parceiro comercial, mas n\u00e3o o \u00fanico<\/i><\/h2>\n  <div class=\"pil-sub\"><span>An\u00e1lise de exporta\u00e7\u00f5es: Brasil para Estados Unidos (2024)<\/span><span style=\"display:inline-flex;align-items:center;gap:6px;font-weight:400\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"-\" loading=\"lazy\" style=\"width:20px\"><i>Commodity<\/i><\/span><\/div>\n  <div class=\"pil-tw\">\n    <table class=\"pil-table\" style=\"min-width:720px\">\n      <thead>\n        <tr><th colspan=\"4\" style=\"text-align:center;background:var(--card);color:var(--navy)\"><i>Ranking<\/i> dos 12 produtos mais exportados<\/th><th colspan=\"3\" style=\"text-align:center;background:var(--card);color:var(--navy);border-left:6px solid #fff\">Principais destinos por produto<sup>(3)<\/sup><\/th><\/tr>\n        <tr><th>#<\/th><th>Descri\u00e7\u00e3o do produto<\/th><th class=\"n\">Valor<sup>(1)<\/sup><\/th><th class=\"n\">% do total<sup>(2)<\/sup><\/th><th class=\"n\" style=\"border-left:6px solid #fff\">1\u00b0 pa\u00eds<\/th><th class=\"n\">2\u00b0 pa\u00eds<\/th><th class=\"n\">3\u00b0 pa\u00eds<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td><b><i>1<\/i><\/b><\/td><td>\u00d3leos brutos de petr\u00f3leo <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">5.831<\/td><td class=\"n\">14%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f011.png\" alt=\"China\" title=\"China\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">44%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f012.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>13%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f013.png\" alt=\"Espanha\" title=\"Espanha\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">11%<\/span><\/td><\/tr>\n        <tr><td><b><i>2<\/i><\/b><\/td><td>Produtos semimanufaturados de ferro ou a\u00e7o<\/td><td class=\"n\">2.774<\/td><td class=\"n\">7%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f021.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>79%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f022.png\" alt=\"Canad\u00e1\" title=\"Canad\u00e1\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">7%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f023.png\" alt=\"M\u00e9xico\" title=\"M\u00e9xico\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">5%<\/span><\/td><\/tr>\n        <tr><td><b><i>3<\/i><\/b><\/td><td>Caf\u00e9 n\u00e3o torrado <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">1.896<\/td><td class=\"n\">5%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f031.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>17%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f032.png\" alt=\"Alemanha\" title=\"Alemanha\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">16%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f033.png\" alt=\"B\u00e9lgica\" title=\"B\u00e9lgica\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">10%<\/span><\/td><\/tr>\n        <tr><td><b><i>4<\/i><\/b><\/td><td>Celulose <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><br><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-suzano.png\" alt=\"Suzano\" loading=\"lazy\" style=\"display:inline;width:60px;margin-top:4px\"><\/td><td class=\"n\">1.552<\/td><td class=\"n\">4%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f041.png\" alt=\"China\" title=\"China\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">42%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f042.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>16%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f043.png\" alt=\"It\u00e1lia\" title=\"It\u00e1lia\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">9%<\/span><\/td><\/tr>\n        <tr><td><b><i>5<\/i><\/b><\/td><td>Ferro fundido bruto <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">1.423<\/td><td class=\"n\">4%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f051.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>88%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f052.png\" alt=\"Holanda\" title=\"Holanda\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">9%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f053.png\" alt=\"M\u00e9xico\" title=\"M\u00e9xico\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">1%<\/span><\/td><\/tr>\n        <tr><td><b><i>6<\/i><\/b><\/td><td>Avi\u00f5es e outros ve\u00edculos a\u00e9reos pesados<br><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-embraer.png\" alt=\"Embraer\" loading=\"lazy\" style=\"display:inline;width:60px;margin-top:4px\"><\/td><td class=\"n\">1.421<\/td><td class=\"n\">4%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f061.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>52%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f062.png\" alt=\"Canad\u00e1\" title=\"Canad\u00e1\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">17%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f063.png\" alt=\"Espanha\" title=\"Espanha\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">6%<\/span><\/td><\/tr>\n        <tr><td><b><i>7<\/i><\/b><\/td><td>\u00d3leos leves <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">1.040<\/td><td class=\"n\">3%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f071.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>85%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f072.png\" alt=\"Holanda\" title=\"Holanda\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">8%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f073.png\" alt=\"China\" title=\"China\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">2%<\/span><\/td><\/tr>\n        <tr><td><b><i>8<\/i><\/b><\/td><td>Avi\u00f5es e outros ve\u00edculos a\u00e9reos leves<br><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-embraer.png\" alt=\"Embraer\" loading=\"lazy\" style=\"display:inline;width:60px;margin-top:4px\"><\/td><td class=\"n\">956<\/td><td class=\"n\">2%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f081.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>93%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f082.png\" alt=\"Canad\u00e1\" title=\"Canad\u00e1\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">3%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f083.png\" alt=\"Ilha de Man\" title=\"Ilha de Man\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">2%<\/span><\/td><\/tr>\n        <tr><td><b><i>9<\/i><\/b><\/td><td>Carne bovina <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><br><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-frigorificos.png\" alt=\"BRF, Marfrig, JBS e Minerva Foods\" loading=\"lazy\" style=\"display:inline;width:110px;margin-top:4px\"><\/td><td class=\"n\">885<\/td><td class=\"n\">2%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f091.png\" alt=\"China\" title=\"China\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">60%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f092.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>9%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f093.png\" alt=\"Emirados \u00c1rabes Unidos\" title=\"Emirados \u00c1rabes Unidos\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">5%<\/span><\/td><\/tr>\n        <tr><td><b><i>10<\/i><\/b><\/td><td>Produtos semimanufaturados de ligas de a\u00e7o<\/td><td class=\"n\">738<\/td><td class=\"n\">2%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f101.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>94%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f102.png\" alt=\"Canad\u00e1\" title=\"Canad\u00e1\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">3%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f103.png\" alt=\"M\u00e9xico\" title=\"M\u00e9xico\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">1%<\/span><\/td><\/tr>\n        <tr><td><b><i>11<\/i><\/b><\/td><td>Outros \u00f3leos de petr\u00f3leo <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">702<\/td><td class=\"n\">2%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f111.png\" alt=\"Singapura\" title=\"Singapura\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">36%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f112.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>7%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f113.png\" alt=\"China\" title=\"China\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">6%<\/span><\/td><\/tr>\n        <tr><td><b><i>12<\/i><\/b><\/td><td>Suco de laranja <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-commodity.png\" alt=\"Commodity\" loading=\"lazy\" style=\"display:inline;width:18px;vertical-align:middle\"><\/td><td class=\"n\">637<\/td><td class=\"n\">2%<\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f121.png\" alt=\"EUA\" title=\"EUA\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><b>59%<\/b><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f122.png\" alt=\"B\u00e9lgica\" title=\"B\u00e9lgica\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">22%<\/span><\/td><td class=\"n\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-f123.png\" alt=\"Holanda\" title=\"Holanda\" loading=\"lazy\" style=\"display:inline;width:20px;vertical-align:middle;margin-right:6px\"><span style=\"color:#888\">18%<\/span><\/td><\/tr>\n        <tr><td colspan=\"3\"><\/td><td class=\"n\" style=\"font-size:12px;color:#777\">% do total de exporta\u00e7\u00f5es<\/td><td colspan=\"3\" style=\"text-align:right;font-size:12px;color:#777\">% do total exportado por produto<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <div class=\"pil-src\">Fonte: An\u00e1lise \u00c1rtica; Minist\u00e9rio do Com\u00e9rcio (MDIC). Notas (1) Valor em US$ FOB de exporta\u00e7\u00f5es por produto; (2) Participa\u00e7\u00e3o do produto no total de exporta\u00e7\u00f5es do Brasil para Estados Unidos; (3) Os 3 principais destinos de exporta\u00e7\u00e3o para cada produto e representatividade do total para cada destino.<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2><i>A Fazenda discute respostas, mas em paralelo estuda ajuda aos setores afetados<\/i><\/h2>\n  <div class=\"pil-sub\"><span>Poss\u00edveis consequ\u00eancias e desdobramentos<\/span><\/div>\n  <div class=\"pil-grid3\">\n    <div class=\"pil-card\" style=\"text-align:center;border:1.5px dashed var(--navy)\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-ic-moedas.png\" alt=\"\u00cdcone de moedas\" loading=\"lazy\" style=\"width:70px;margin:0 auto 10px;mix-blend-mode:multiply\">\n      <h3 style=\"background:var(--card);padding:10px\">Redirecionamento de produtos<\/h3>\n      <p class=\"pil-p\">Diversos produtos s\u00e3o fortemente impactados: a\u00e7o semiacabado, alum\u00ednio, celulose, aeronaves, caf\u00e9, carne e suco de laranja, entre outros.<\/p>\n      <p class=\"pil-p\"><b>Em sua maioria, os produtos afetados s\u00e3o commodities<\/b>, podendo ser redirecionados com a outros mercados e pa\u00edses.<\/p>\n      <p class=\"pil-p\">Essa a\u00e7\u00e3o leva certo tempo, pois novas rela\u00e7\u00f5es bilaterais devem ser estabelecidas, buscam <b>redu\u00e7\u00e3o de depend\u00eancia comercial<\/b> a longo prazo.<\/p>\n    <\/div>\n    <div class=\"pil-card\" style=\"text-align:center;border:1.5px dashed var(--navy)\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-ic-balanca.png\" alt=\"\u00cdcone de balan\u00e7a da justi\u00e7a\" loading=\"lazy\" style=\"width:70px;margin:0 auto 10px;mix-blend-mode:multiply\">\n      <h3 style=\"background:var(--card);padding:10px\">Negocia\u00e7\u00e3o e apelo comercial<\/h3>\n      <p class=\"pil-p\">A carta oficial dos EUA enviada ao Brasil incluiu men\u00e7\u00e3o \u00e0 <u>Se\u00e7\u00e3o 301 da legisla\u00e7\u00e3o comercial norte-americana<\/u>, mecanismo tradicionalmente utilizado para retaliar pr\u00e1ticas comerciais desleais.<\/p>\n      <p class=\"pil-p\">Ancorado no tom intimidat\u00f3rio e protecionista da medida, e defendendo a soberania nacional, <b>o Brasil busca respaldo junto \u00e0 OMC<\/b> e a outros organismos multilaterais, o que j\u00e1 o rendeu apoio de diversos pa\u00edses e blocos, com os <b>BRICS e a UE<\/b>.<\/p>\n    <\/div>\n    <div class=\"pil-card\" style=\"text-align:center;border:1.5px dashed var(--navy)\">\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-ic-governo.png\" alt=\"\u00cdcone de pr\u00e9dio do governo\" loading=\"lazy\" style=\"width:70px;margin:0 auto 10px;mix-blend-mode:multiply\">\n      <h3 style=\"background:var(--card);padding:10px\">Subs\u00eddio governamental<\/h3>\n      <p class=\"pil-p\">Diante do novo cen\u00e1rio, empresas estrat\u00e9gicas como <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-suzano2.png\" alt=\"Suzano\" loading=\"lazy\" style=\"display:inline;height:18px;vertical-align:middle\"> e <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6799-embraer2.png\" alt=\"Embraer\" loading=\"lazy\" style=\"display:inline;height:16px;vertical-align:middle\"> j\u00e1 articulam medidas junto ao governo em busca de apoio institucional e compensa\u00e7\u00f5es comerciais.<\/p>\n      <p class=\"pil-p\"><b>O Minist\u00e9rio do Com\u00e9rcio estuda respostas que podem incluir subs\u00eddios direcionados<\/b>, incentivos fiscais e linhas de cr\u00e9dito via bancos p\u00fablicos.<\/p>\n      <p class=\"pil-p\">As medidas, ainda que concretas, deveriam ser desenhadas visando menor impacto fiscal poss\u00edvel.<\/p>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: <i>Clippings<\/i>; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Em 9 de julho de 2025, os Estados Unidos anunciaram um aumento tarif\u00e1rio de at\u00e9 50% sobre importa\u00e7\u00f5es brasileiras no pa\u00eds, motivado por tr\u00eas principais quest\u00f5es (expl\u00edcitas): o d\u00e9ficit comercial bilateral, a prote\u00e7\u00e3o \u00e0 ind\u00fastria americana e a inseguran\u00e7a jur\u00eddica no Brasil. Buscando entender o real impacto das tarifas, e que postura esperar do governo [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6804,"template":"","meta":[],"class_list":["post-6799","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/6799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/6804"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=6799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}