According to the United States government's official statistics, Brazil was one of the main contributors to the positive trade results of Donald Trump in 2025, together with the Asian financial centers of Hong Kong and Singapore.
During the first half of the last year, the U.S. enjoyed a trade and services surplus of US$9.2 billion with Brazil, making the country one of the most favored partners of Washington. Only the Netherlands stood above with a surplus of US$20 billion.
Nevertheless, according to a report by ICL, experts point out that the Dutch number is skewed by structural factors. A lot of products that are being imported to the European Union are recorded through the Port of Rotterdam, which leads to the U.S.-Netherlands trade figures being overstated. Also, the substantial impact of the financial services sector on the Dutch economy has a strong effect on the final balance.
Excluding these distortions, Brazil stands out, outperforming several major economies according. The U.S. posted a surplus of US$8.9 billion with Singapore, US$8.6 billion with Switzerland, and US$6.2 billion with Hong Kong. Other countries contributing to positive balances included the United Kingdom (US$5.4 billion), Australia (US$5.2 billion) and Saudi Arabia (US$3.3 billion).
Despite Trump’s aggressive efforts to shrink America’s trade gap, the U.S. continues to run large deficits with key manufacturing economies. The biggest shortfalls remain with Mexico (US$50.3 billion), Vietnam (US$44.2 billion), Taiwan (US$34.4 billion), China (US$33.1 billion) and Germany (US$15.8 billion).
Brazil’s role extends beyond services
When services are excluded and only goods trade is considered, Brazil again appears among the countries helping the U.S. narrow its deficit. Official figures from October show U.S. trade surpluses in goods with Switzerland (US$7.3 billion), the United Kingdom (US$6.8 billion), the Netherlands (US$5.1 billion), Hong Kong (US$2.8 billion) and Brazil (US$2.7 billion), ranking fifth.
By contrast, the U.S. continues to face a deep goods trade deficit, totaling US$17.9 billion with Mexico, US$15.7 billion with Taiwan, US$15 billion with Vietnam, and US$13 billion with China.
Brazilian Panettone Expands to Asia and Oceania, Reaching 50 Countries Worldwide
This year, Abimapi (the Brazilian Association of Biscuit, Pasta, and Industrialized Bread, Cake and Panettone Industries) is also celebrating the expansion of Brazilian panettone into new markets across Asia and Oceania, including Australia, China, Hong Kong, New Zealand, and Singapore.
Panettone is a traditional Italian sweet bread, originally from Milan, made with a soft, aromatic dough enriched with candied fruits and raisins and a distinctive vanilla aroma. Over time, it has become a symbol of the year-end holiday season in Brazil and around the world.
Overall, Brazilian panettone is now sold in around 50 countries across all continents
Tariffs, politics and partial rollbacks
The sharp increase in the U.S. surplus with Brazil occurred during a period when tariffs and trade barriers were imposed on Brazilian products. At the time, Trump framed the measures as retaliation over the treatment of former Brazilian President Jair Bolsonaro. Over time, however, several of these tariffs were gradually lifted.
Even so, Brazilian exports still face minimum tariffs of around 10% to enter the U.S. market, while steel and other industrial products can be taxed at rates exceeding 25%.
Deficit narrows, but imbalance remains
According to the U.S. Census Bureau and the Bureau of Economic Analysis, the American economy still runs an overall trade deficit with the rest of the world. However, that gap has been shrinking rapidly since Trump expanded tariffs on both rivals and allies.
In October 2025, the U.S. trade deficit stood at US$29.4 billion, a sharp decline from US$48.1 billion in September, representing a reduction of US$18.8 billion in just one month.
