Brazil's President Lula and US President Trump held phone call on Friday; Lula said both sides should continue tariff talks; call discussed global and bilateral agenda

• Lula reaffirmed the need for negotiations over tariffs.

Leader-level calls of this kind are the customary opening rather than the conclusion of a tariff dispute: in past episodes the pattern has been a headline conversation, a commitment to keep talking, and then a slower grind at the ministerial and negotiating-team level where any actual concessions are worked out. The operative distinction is between a call that merely reaffirms talks and one that produces a named framework, timeline, or suspension of measures; only the latter has historically moved the affected assets beyond the session. For Brazil the transmission runs through the real, through export-exposed equities, and through the spreads on sovereign and quasi-sovereign paper, all of which have tended to rally on de-escalation rhetoric and fade when follow-through stalls. Lula's prior form in trade standoffs has been to pair public firmness with quiet pragmatism, and the US side's record in similar spats has been that tariff threats frequently soften once direct leader contact is established, though not always on the timeline the market prices. What matters next is whether working-level meetings are scheduled, whether any measures are delayed or exempted in the interim, and whether the rhetoric on both sides stays constructive into the next round of commentary.