With Trump Consumed by Shutdown, Brazilian President Makes Inroads at Davos
*By Carlo Versano*
He's known as the "Trump of the Tropics." Brazil's new president, Jair Bolsonaro, may grab headlines for his far-right, populist rhetoric and positions ー he's staunchly anti-gay, anti-abortion, anti-affirmative action, and anti-drug decriminalization ーbut he differs from President Trump in one major respect, which is currently on display at the World Economic Forum in Davos, Switzerland.
Bolsonaro wants to form closer economic ties with the developed world, as he made clear in a speech to the global elite gathered in the snowy Swiss enclave.
“We represent a turning point in the eyes of the Brazilian people — a turning point in which ideological bias will no longer take place,” he told attendees on Tuesday.
Vanessa Neumann, the founder of the risk consultancy firm Asymmetrica and author of the book "Blood Profits," told Cheddar that Bolsonaro is at Davos in an attempt to shed his global image as a populist bomb thrower by making clear that the Brazilian economy, the world's ninth largest, is open for business and investment from the outside world.
"He's talking that talk to investors," Neumann said.
Bolsonaro is "the unintended winner" in the ongoing U.S.-China trade war, she noted, as Brazil is a major producer of consumer staples that range from soybeans to beef to oil ー commodities that the Chinese are now importing from Latin America rather than the U.S.
But Bolsonaro is also cognizant that he needs to forge an alliance with the White House. "He wants to increase trade with the U.S.," Neumann said.
Luckily for him, Trump sees in Bolsonaro a kindred spirit, evidenced by his New Year's Day tweet as Bolsonaro took office:
"Congratulations to President @JairBolsonaro who just made a great inauguration speech — the U.S.A. is with you!”
Meanwhile, conservationists and climate change activists worry that part of that openness will come at the expense of Brazil's vast natural beauty ー particularly its protected rainforests. On his first day in office, Bolsonaro transferred rainforest protections to a ministry that is heavily influenced by the agribusiness lobby. He pulled out of hosting a UN climate change conference and is expected by some to follow the U.S. by canceling Brazil's participation in the Paris climate accord, though he has not done so yet.
Bolsonaro's appearance at Davos suggests he is focused on re-engaging with the world economically, even if his domestic policies are far less liberal.
Neumann noted a famous saying about Brazil: It's a country of the future ... and it always will be.
For full interview [click here](https://cheddar.com/videos/far-right-brazilian-president-speaks-of-new-brazil-in-davos).
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
As the U.S. continues to face supply chain shortages, President Joe Biden is reassuring U.S. consumers that the supply chain is in "very strong shape" ahead of the all-important holiday season. As supply bottlenecks start to show signs of improvement, the industry may be faced with yet another challenge: the Omicron variant. Rob Caucci, Co-Founder & Co-CEO of Fillogic joined Cheddar's Opening Bell to discuss.
Markets rebounded Monday morning after Friday's deep sell-off that saw the Dow suffer its worse day since 2020. It comes as investors continue to react to the impact of the omicron variant on the broader reopening. Eddie Ghabour, Co-Owner at the Key Advisors Group joined Cheddar's Opening Bell to discuss.
Markets bounced back this morning with travel leading the gains after plunging on Monday as the first case of Omicron was detected in the U.S. Jimmy Lee, CEO, Wealth Consulting Group joined Cheddar's Opening Bell to discuss.
The market saw investors react to comments by the World Health Organization's chief scientist, who suggested existing vaccines are likely to offer protection against the new variant. According to Thomas Hayes, chairman of Great Hill Capital, the next two weeks will be crucial as the markets watch for not only the effects of the Omicron variant, but also the Fed's decision on a taper.
It's Friday at long last. Jill and Carlo cover the latest on Omicron, including a possible superspreader event in NYC. Plus, previewing the November jobs report, a new Zoom feature no one asked for, and when it's no longer a good idea to eat Thanksgiving leftovers.
Following the Mississippi abortion case, the fate of Roe V. Wade is at stake. A decision is expected next summer, right around the time midterm candidates will be making their cases to voters. Laura Packard, executive director of Health Care Voter, joins Cheddar News to discuss how the ruling will impact upcoming elections.
