LatAm Transport and Capital Goods Daily Take-Off: WEG, EMBJ, RAPT, RAIL, CPA

Research evidence excerpt

LatAm Transport and Capital Goods Daily Take-Off: WEG, EMBJ, RAPT, RAIL, CPA

Global Research

15 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: WEG, EMBJ, RAPT, RAIL, CPA

Industrial

Alberto Valerio

WEG, EMBJ, RAPT: Update Section 301 Analyst

According to Estadão, the USTR decision concluding the Section 301 investigation is alberto.valerio@ubs.com

expected to be published between Tuesday night and this Wednesday (15-Jul), with +55-11-2767 6918

the rate likely set at 25%, hitting approximately 21% of Brazilian exports to the US, Andressa Varotto

and possible modulation to 20% for some sectors. Both the government and the Analyst

private sector expect the exclusion list from the 1-Jun preliminary report to be andressa.varotto@ubs.com

maintained (most agricultural products, aircraft and aeronautical parts, fertilizers, +55-11-2767 6654

critical and strategic minerals, and industrial inputs relevant to US production Rafael Simonetti

chains), with room for expansion to inflation-sensitive items such as footwear, Associate Analyst

instant coffee and machinery-chain inputs. Negotiations are seen as at final stages: rafael.simonetti@ubs.com

the fifth high-level meeting with USTR representative Jamieson Greer took place on +55-11-2767 6628

Tuesday, with the MDIC reiterating in a note that the surtax is seen by them as unfair,

while Finance Minister Dario Durigan said the government will first assess the final

measure and then call the affected sectors to discuss possible support. Potential

Impact: Neutral at this stage for the US-exposed exporters in our coverage (WEG,

Randoncorp), as the 25% tariff is in line with the base case already flagged by the

government and ours; we note the expected maintenance of the aircraft and parts