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.

Brazil's President Luiz Inacio Lula da Silva (second from right) and other government officials pose for a group photo during a signing ceremony to enact the Sovereign Brazil Plan, an aid program to support companies affected by the US tariffs, at the Planalto presidential palace in Brasilia, Brazil, on Wednesday. ERALDO PERES/AP

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.