Brazil's seafood industry is sounding the alarm to pressure the federal government for immediate relief as it grapples with mounting fears of job losses and bankruptcies as a result of the 50% tariffs the U.S. imposed on most Brazilian exports on Wednesday, Reuters reported. The new levies made the future highly uncertain for Brazilian fishing companies, which sell close to $400 million worth of seafood to the U.S. a year, or about 70% of the sector's annual exports.

Brazil's government has set aside for now plans for direct retaliation against steep U.S. tariffs taking effect this week, focusing instead on a relief package for industries hit hardest by the levies, Reuters reported. Wide-ranging exemptions granted in U.S. President Donald Trump's executive order last week spared some of the most vulnerable sectors of Latin America's largest economy, to the relief of many investors and business leaders.

Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing, Reuters reported. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. In May, Azul filed for chapter 11 bankruptcy protection in the United States after months of trying to restructure mostly pandemic-era debt. Read more.

Distressed Brazilian telecom operator Oi SA is preparing a chapter 11 bankruptcy filing in a US court, Bloomberg News reported. The company is working with law firm White & Case LLP, the people said, asking not to be named discussing private details. The company will probably file as soon as its ongoing chapter 15 process is canceled. (Subscription required.) Read more.

President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law, the Associated Press reported. Trump had threatened the tariffs July 9 in a letter to President Luiz Inacio Lula da Silva. But the legal basis of that threat was an earlier executive order premised on trade imbalances being a threat to the U.S. economy.

Brazil estimates that 35.9% of its exports to the U.S. by value will be hit by a steep 50% tariff under a new executive order by Donald Trump's administration, Vice President Geraldo Alckmin said on Thursday, emphasizing efforts to reverse the levies on key goods such as coffee, Reuters reported. The estimate confirms earlier reporting by Reuters, with sources saying 44.6% of local products will be subject to the preexisting 10% tariff, while the remaining 19.5% will fall under tariffs the U.S. applies globally, ranging from 25% to 50%.

Brazil is planning relief measures for companies impacted heavily by steeper U.S. tariffs set to take effect in August, Finance Minister Fernando Haddad said on Tuesday, Reuters reported. Haddad said that the plan, which will be reviewed by President Luiz Inacio Lula da Silva, includes steps to ensure companies have the confidence to maintain their investments. He denied, however, that the plan includes tax exemptions for the affected companies.

Brazil is scrambling to avert punishing 50% U.S. tariffs in a week's time, but high level talks are stalled and U.S. companies are reluctant to confront U.S. President Donald Trump over the issue, officials and industry leaders say, Reuters reported. Trump linked the tariffs, which he has said would come into effect on Aug. 1, to Brazil's treatment of former President Jair Bolsonaro, who is on trial over charges of plotting a coup to stop President Luiz Inacio Lula da Silva from taking office.

Brazil’s attorney general is seeking a probe into possible insider trading in the country’s currency markets around the announcement of US tariffs on Brazilian goods, Bloomberg News reported. The request follows local media reports of significant foreign exchange transactions before and after the official tariffs announcement, “suggesting possible use of privileged information (insider trading) by individuals or legal entities,” according to a statement from the Brazilian attorney general’s office.

Brazilian petrochemical group Unigel is considering filing for judicial recovery (bankruptcy protection) to facilitate a new round of capitalization, ValorInternational.com has learned. The company has already signed non-disclosure agreements (NDAs) with potential investors, who have until October to review its financial data and business turnaround plans. According to sources close to the informal talks, one interested group has made its investment conditional on a bankruptcy filing, a condition Unigel has not resisted.