Bolsonaro calls Joe Biden ‘American JB’

President Jair Bolsonaro (PL) on Monday (27) called the Chief Executive of the United States, Joe Biden, “American JB”, saying that he was ahead of him on the topic of fertilizers.

JB is a term used by supporters of President Bolsonaro to refer to him.

The president’s statement followed one by Paulo Guedes (Economy), in which he stated that Biden would be “following Bolsonaro’s footsteps” in fuel tax reduction policy.

Bolsonaro met for the first time with Biden, since he was elected last year, on June 9.

During the US elections, the Brazilian president publicly supported Republican Donald Trump, of whom he is an admirer.

“There is the Brazilian JB and the North American JB. A few weeks ago, the North American sent someone from the UN to talk to Putin about fertilizers. The Brazilian JB sent him four months ago”, said the president, in a ceremony at the Planalto Palace.

According to the Austing Rating ranking, Brazil is the 10th largest economy in the world in the fourth quarter of this year. The first place is occupied by the United States.

Shortly before Bolsonaro spoke, the Minister of Economy spoke, who asked for faith in Brazil and compared the president to Biden.

“You’re seeing the president of the United States following in the footsteps of our president, asking for a reduction in federal taxes first, and asking states to also reduce state taxes and still going to send it to Congress,” Guedes said.

“We have already ordered, it has already been judged, it has already been approved in Congress and now we are in the final instance with the Supreme Court”, he added.

Guedes refers to the law that establishes a single ICMS ceiling that sets a maximum limit of 17% for ICMS rates on fuel, energy, telecommunications and transport.

The rule is being questioned by the governor in the STF (Federal Supreme Court). The government also presented the proposal to zero the tax in the states, with the possibility of subsidy from the Union up to 17%. Afterwards, however, it retreated and is studying how to use these resources, which total more than R$20 million, to increase Auxílio Brasil by another R$200, as shown by Sheet.

The measures are part of Bolsonaro’s economic and social package to be re-elected. He is in second place in the polls, behind former president Luiz Inácio Lula da Silva (PT).

President Joe Biden announced a plan on June 22 to reduce fuel costs for motorists and amid concerns of a possible economic recession following recent rate hikes by the central bank, which also weighed on equities.

The move caused oil prices to plummet. The reference price of a barrel of crude oil was traded with a devaluation of 4.06% in the early evening of this Wednesday, quoted at US$ 109.99 (R$ 566.48), on the same day.

Oil prices generally behave in line with the stock market, which has also taken a hit as investors weighed how projected increases in interest rates to cool rising inflation could impede an economic recovery as restrictions from the pandemic ease. .

Biden also advocated a three-month suspension of a federal tax on fuel prices, which have soared and trouble Americans, just months before the midterm legislative elections.