On Wednesday, October 23, United States Trade Representative Katherine Tai suggested at the B20 Bloomberg New Economy Forum in Sao Paulo, Brazil that before making a final decision on accepting China’s massive infrastructure plan, Brazil should consider the risks of joining the CCP’s “Belt and Road” initiative.
Tai encouraged Brazil to assess the risks in today’s economy through an objective and risk management perspective at the B20 Bloomberg New Economy Forum, and to truly consider what the best way is to enhance Brazil’s economic resilience.
On Tuesday, October 22, Brazilian Minister of Agriculture Carlos Favaro stated that as the largest country in Latin America, Brazil should join China’s “Belt and Road” initiative to counter protectionist measures from the United States and the European Union.
The United States has been competing with China for economic influence across all of Latin America. Currently, China is the top trading partner for countries like Brazil, Chile, and Peru. The CCP has been acquiring natural resources in the region, including soybeans, iron ore, and copper, while also increasing investments in local infrastructure.
Chinese President Xi Jinping is set to visit Latin America for several days in November. He will oversee the completion ceremony of a major port near Lima, Peru, and will travel to Brazil to participate in the G20 summit and conduct a state visit to Brazil.
Tai will also embark on a multi-day visit to Brazil where she will participate in the G20 Trade and Investment Ministers meeting held in Brazil.