Brazil nut: will ‘Tropical Trump’ Bolsonaro’s anti-China front crack?
- Far-right President Bolsonaro has angered Beijing with a visit to Taiwan and Trump-style anti-Chinese rhetoric
- But Brazil’s economy is sorely reliant on China, its largest trading partner since 2009
“Many people have called Bolsonaro the Brazilian Trump and some statements concerning China are very similar. However, Bolsonaro also promised in his campaign to increase and speed up Brazil’s economic development. He cannot do that without China. It’s impossible,” said Joana Alves, an assistant manager at CW CPA, an advisory firm based in Hong Kong that works with Chinese and Latin American businesses.
China, which is Brazil’s biggest foreign buyer of commodities such as soybeans and iron, is an essential customer for its powerful farm and mining industries. According to Brazilian government statistics, two-way trade between China and Brazil reached US$75 billion last year, and China has been the country’s main trading partner since 2009.
Brazil – Latin America’s biggest economy – has received about US$124 billion in Chinese investment over the past 14 years. Most of that investment has been focused on the oil, mining and energy sectors, but the Asian giant has also been turning to ports, railways and other infrastructure projects.
Much like United States President Donald Trump, Bolsonaro targeted Beijing repeatedly in his electoral campaign, saying the Chinese should not be allowed to control key industries or own land.
His stance puts Brazil in stark contrast to the rest of Latin America, whose leaders have welcomed Chinese investment. But although such statements have worried Chinese executives, Alves predicts the relationship between China and Brazil will remain strong.