Brazil Denies Big Tech Taxation Rumors Amid Tariff Tensions

Brazil's finance minister dismissed claims that the country plans to impose taxes on U.S. tech giants in retaliation for proposed tariffs on steel imports by President Trump. The allegation, reported by Folha de S.Paulo, suggested Brazil was considering a levy on companies like Amazon and Google.

Brazilian Finance Minister Fernando Haddad dismissed a report on Monday that suggested the nation was preparing to tax U.S. tech companies in retaliation if President Donald Trump proceeds with imposing a 25% tariff on all U.S. steel imports.

Haddad took to social media to clarify the situation, contradicting a report by Folha de S.Paulo that President Lula's administration was considering tariffs on major tech firms. The report proposed potential taxes on big tech firms, including Amazon and Alphabet-owned Google, as a countermeasure.

With Brazil being a major supplier of U.S. steel imports, Haddad emphasized that the government would communicate plans when decisions are concrete, avoiding reactions based on mere announcements. The potential taxation strategy had previously been considered by a finance ministry official to meet fiscal targets due to potential revenue shortfalls.

(With inputs from agencies.)