The Brazilian government has unveiled a plan to support local exporters affected by U.S. tariffs. President Luiz Inácio Lula da Silva announced on Wednesday a credit lifeline of $5.5 billion as part of the "Sovereign Brazil" plan.

Brazilian President Luiz Inácio Lula da Silva has announced a $5.5 billion aid package in a bid to support exporters hit by a 50 per cent tariff imposed by United States President Donald Trump. Other measures include postponing tax charges for business establishments affected by the high tariffs.

Brazil's government unveiled on Wednesday a long-awaited aid package for companies hurt by steep U.S. tariffs, centered on credit lines for exporters and government purchases of products that face greater hurdles in finding alternative markets.