Brazil's President Luiz Inacio Lula da Silva on Friday said his government will not immediately impose retaliatory tariffs on the United States, Al Jazeera reported. He reiterated his call for US President Donald Trump to engage in trade negotiations.

Currently, Brazil faces 50 per cent tariffs on all exports to the US, the highest of any country except India. While Brazil has not yet responded in kind, its Chamber of Foreign Commerce (CAMEX) began exploring whether countermeasures could be applied under local law, Al Jazeera added.

"This is a process that takes a bit of time," Lula said in an interview with Radio Itatiaia. "We have to tell the United States that we also have actions we can take against them. But I am in no rush. What I want is to negotiate."