The Brazilian government has unveiled a plan to support local exporters affected by U.S. tariffs. President Luiz Inácio Lula da Silva announced a credit lifeline of $5.5 billion as part of the "Sovereign Brazil" plan.

Brazil's government unveiled on Wednesday a long-awaited aid package for companies hurt by steep U.S. tariffs, centered on credit lines for exporters and government purchases of products that face greater hurdles in finding alternative markets.

Brazil's President Lula da Silva said the move is supposed to "create new things" out of the crisis resulted by Donald Trump's tariffs. While denouncing Trump, Lula says his country is still ready to negotiate.