Brazil placed in top three most complex markets as US tariffs rise

Rabobank notes that Brazil’s economy remains vulnerable amid external uncertainties and a stronger dollar, with the real weakening to about R$5.17 per US$1. The United States has proposed a 25% tariff on most Brazilian products, excluding aircraft, coffee and orange juice, adding to trade pressures. Brazil’s industrial output grew modestly in April and its trade surplus reached US$7.8 billion in May, while domestic inflation and political factors keep the outlook cautious.

According to the TMF Group’s Global Business Complexity Index (GBCI), Brazil slipped back into the top‑three most complex jurisdictions for doing business, behind Greece and Mexico. The report cites “bureaucratic hurdles and frequent regulatory changes” that increase compliance costs. While digital tools such as electronic signatures improve efficiency, they also introduce new regulatory layers. The ranking underscores the challenges firms face in navigating Brazil’s fragmented tax system, shifting regulations and the recent 25% US tariff.