The Ibovespa dropped 0.2% to fall below the 122,800 level on Tuesday, as investors reacted to U.S. President Donald Trump's first executive orders and comments regarding potential tariffs on Mexico, Canada, and the European Union. Concerns about protectionist policies are fueling uncertainty in global markets, weighing on emerging market equities, including Brazil. Domestically, President Lula strengthened ministerial oversight by mandating Civil House approval for decrees, signaling efforts to maintain fiscal discipline. Chief of Staff Rui Costa reiterated the government’s commitment to balancing public accounts, further underscoring a cautious fiscal approach. On the corporate front, meat packers led losses, with JBS and BRF falling over 2% and 5%, respectively, while Petrobras slid over 1%, tracking lower oil prices amid Trump’s plans to boost U.S. oil production and ease geopolitical risks.
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