Brazil's Finance Minister Fernando Haddad said on Wednesday that the South American country would not immediately retaliate against tariffs imposed by the United States on steel and aluminum imports,

Brazil's Finance Minister said on Wednesday that the country would not immediately retaliate against tariffs imposed by the United States on steel and aluminum imports, instead seeking talks, with the government noting it will consider all actions.

President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.