Brazil, Egypt and Singapore among potential winners from US tariffs
Days after U.S. President Donald Trump's announcement of sweeping tariffs shocked multiple U.S. trading partners and global markets, a handful of countries are emerging as potential winners although the risk of a tariff-induced recession will limit the upside.
With longtime allies and close U.S. trading partners including the European Union, Japan and South Korea among those hardest hit - with tariffs of 20% or more - rivals from Brazil to India and Turkey to Kenya see a silver lining.
Brazil is among the economies that escaped with the lowest "reciprocal" U.S. tariff of 10%. In addition, the agricultural giant could benefit from China's retaliatory tariffs likely to hit U.S. farm exporters.
The latest U.S. tariffs are due to come into effect on April 9.
Brazil, as a net importer of goods from the United States, exemplifies the way some countries could take advantage of the trade war that Trump is waging primarily against China and other major exporters that run trade surpluses with the U.S.
Morocco, Egypt, Turkey and Singapore, all of which have trade deficits with the U.S., could find an opportunity in the distress of those, like Bangladesh and Vietnam, which both run big surpluses and have been hit hard by Trump.