The Brazilian state of Sao Paulo is working on measures to mitigate the impact of potential 50% tariffs on exports to the US set to take effect on Aug. 1, Governor Tarcisio de Freitas said on Saturday.
The duties could affect as many as 120,000 jobs in the region and shrink the state’s economy by as much as 2.7%, Freitas said at an event organized by XP Inc. in Sao Paulo.