BRL: Tariff reshuffle offers only modest support – Commerzbank

Commerzbank’s Michael Pfister argues that Brazil is a relative winner from US tariff changes, as its previously high nominal tariffs are likely to fall and exemptions already mitigate effective rates. However, complex exemptions and shifting trade flows limit the macro impact.

Feb 25, 2026 0 3

BRL: Tariff reshuffle offers only modest support – Commerzbank

Commerzbank’s Michael Pfister argues that Brazil is a relative winner from US tariff changes, as its previously high nominal tariffs are likely to fall and exemptions already mitigate effective rates. However, complex exemptions and shifting trade flows limit the macro impact.