Marcos Troyjo

Brazil is structurally attractive for long-term investors due to global demand for food security, energy diversity, and critical minerals (rare earths), where it holds massive reserves; the EU-Mercosur agreement is already boosting exports by $1 billion per month, and relative instability in China, Russia, and Europe makes Brazil a safer allocation among emerging markets despite domestic fiscal noise. These structural tailwinds should pull foreign capital into Brazil over a multi-year horizon.

The United States is becoming an entrepreneur's heaven due to aggressive deregulation, falling tax burden as a share of GDP (approaching emerging-market levels), and a documented productivity miracle, while capital is shifting away from Europe and China toward the US. Despite tariff policies that may hurt consumers and some companies, the overall business climate is strengthening markedly.