US-Brazil summit: Pompeo stresses need to reduce dependence on Chinese imports

US Secretary of State Mike Pompeo highlighted need for United States and Brazil to reduce dependence on China for imports for ir own security. Speaking at a virtual summit on increased US-Brazil cooperation, Pompeo stressed importance of expanding ecomic ties between two countries.

top US diplomat said that two countries need to find ways to increase tre between two countries and reduce dependence for “critical items” imported from China. US President Donald Trump has repeatedly expressed his wish to boost ties with Brazil, a country led by far-right leer Jair Bolsonaro, to provide a counterweight to China.

China remains Brazil’s largest tre partner and enhancing tre relations with United States could jeopardise export of soy and iron ore amid deteriorating Si-US relations. United States has been pressurising its allies to curb tre relations with China, including banning China’s Huawei Techlogies Co Ltd for 5G operations.

“In last year and a half, toger with President Trump, we have elevated Brazil-U.S. relations to its best moment ever, and opened a new chapter in relationship between two largest ecomies and democracies in hemisphere,” Bolsonaro told summit organised by US Chamber of Commerce.

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US-Brazil ties

Brazilian President anunced three agreements with US, ding that deal will curb red-tapism and increase tre and investment. United States and Brazil signed protocol outlining agreements, saying it would set st for future cooperation and identifying priority sectors to reduce tre barriers.

Earlier this year, US Federal Reserve h anunced establishment of temporary US dollar liquidity arrangements to provide dollars to more central banks, including Brazil and Mexico. It said that facilities are designed to help lessen strains in global US dollar funding markets. It will furr mitigate effects of se strains on supply of credit to households and businesses, both domestically and abro.

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(Im: AP)