Brazil has announced a major plan to support its exporters after facing steep tariffs from the United States. The $5.5 billion program is aimed at helping businesses hit by US tariffs that go as high as 50%.

The Brazilian government has unveiled a plan to support local exporters affected by U.S. tariffs. President Luiz Inácio Lula da Silva announced on Wednesday 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.