AsianFin -- Brazil's President Luiz Inacio Lula da Silva announced on Tuesday that his government will provide 30 billion reais ($5.55 billion) in credit to support exporters. The plan is designed to help companies affected by the increased tariffs recently imposed by the United States.

In an interview with the local news outlet BandNews, Lula said this is an initial funding amount. He added that the support package will also include government purchasing programs to further assist the affected exporters.