BRASILIA - Finance Minister Fernando Haddad said on Thursday, 10, that the government is studying a “huge list” of measures that could be adopted if the 50% tariffs on Brazilian products announced by US President Donald Trump are not reversed.

"There are many non-tariff measures, some tariff measures that don't impact inflation, and a number of alternatives that will be considered. This doesn't mean they'll be implemented, because our hope is that this will be resolved by then. We'll have time to resolve it," Haddad told reporters at the entrance to the Finance Ministry headquarters in Brasília.

The speech came after the minister was asked about a possible inflationary impact of retaliation by the Brazilian government against the United States.

Earlier, President Luiz Inácio Lula da Silva said he would impose tariffs on 50% of American goods if Trump did not back down.

The minister called the US tariffs against Brazil "a huge misunderstanding" and stated that, regardless of the impact, the country wants to maintain a good relationship with the United States and cooperate with the entire world.

He stated that the tariffs are the result of an ideological action and make no economic sense.

"Brazil cannot be an appendage of an economic bloc. We want the European Union-Mercosur agreement, we want to maintain our exports to Asia, which is a major trading partner, and we want US investment in Brazil, which holds the largest capital stock in the country. We want to continue doing all of this normally, calmly," he said.