Brazil’s Ministry of Industry & Trade has stated it is “extremely concerned” about U.S. tariffs on steel and aluminum that President Trump has announced in outline. So far no exemptions have been announced, raising the prospect of tit-for-tat trade sanctions. Brazil accounted for just 6% of U.S. imports of the products covered in the section 232 cases, but was the fastest growing major supplier with a 49% surge in 2017 vs. 2016. The Brazilian government has little leverage in downstream steel or aluminum, accounting for just 1% of U.S. exports. Yet, the Ministry flagged the count...