razilian President Luiz Inácio Lula da Silva announced Tuesday that his government will provide 30 billion reais ($5.55 billion) in credit to help domestic exporters navigate newly increased tariffs from the United States.

Speaking in an interview with local outlet BandNews, Lula said the funding is an initial measure to assist companies facing higher U.S. import duties. The broader relief package, set to be formally unveiled Wednesday in Brasília, will also include government purchase programs aimed at bolstering affected industries.

According to the president’s office, the plan will be presented at an event scheduled for 11:30 a.m. local time (1430 GMT). The announcement follows earlier reports from Reuters that the government was considering reallocating around 30 billion reais from a fund managed by the state development bank BNDES to support businesses impacted by the tariff hikes.

Earlier this month, Washington raised tariffs on a wide range of Brazilian goods from 10% to 50%. Certain products, including orange juice and aircraft, were exempted from the increase. Continue reading Brazil Announces $5.6 Billion Credit Program to Support Exporters Hit by U.S. Tariffs →