23.02.202613:47:42UTC+00Ibovespa Slips as Trump Tariff Uncertainty Weighs

The Ibovespa retreated nearly 0.5% on Monday, slipping back below 190,000 points after setting a record high, as global markets turned risk-averse following US President Trump’s announcement of a new 15% tariff. The measure comes in response to the Supreme Court’s decision to overturn his broader global tariff package. Despite this additional surcharge, the average duty on Brazilian exports remains below the highs reached in 2025, when some products were taxed at rates of up to 50%. The new general tariff is scheduled to take effect tomorrow and will be applied alongside existing levies on steel and aluminum.

In the equity market, steelmakers were under pressure: Gerdau slipped 0.4%, while CSN fell 1%. Capital goods producer WEG also declined by nearly 1%. The financial sector traded lower as well, with Itaú losing more than 1% and Bradesco down 0.7%.

In contrast, Telefônica Brasil was a standout performer, rising 1.8% after reporting fourth-quarter net income of R$1.88 billion, a 6.5% increase from a year earlier. Gerdau is scheduled to publish its earnings results after the market close.