Coin World News reported that on July 11, Brazilian President Lula stated that Brazil can survive without trade with the United States and will seek other partners to replace it. This is a sharp response to U.S. President Trump, who previously threatened to impose a 50% tariff on Brazil.

"We will have to look for other partners to buy our products. The trade volume between Brazil and the U.S. accounts for 1.70% of Brazil's GDP," Lula said. "It's not that we can't survive without the U.S."

Lula also stated that Brazil has no obligation to continue using the dollar for trade. He reiterated his remarks from the BRICS summit held in Rio de Janeiro last weekend, calling on world leaders to find ways to reduce dependence on the dollar in international trade.