Brazil Finance Minister Mantega warns of trade war

Brazil has warned that the world is on course for a trade war because of what it says is currency manipulation by China, the US and others.

Finance minister Guido Mantega said Brazil was preparing moves to prevent further appreciation of its currency.

He said his government would raise the issue at the World Trade Organization and the G20 group of rich and developing countries.

Mr Mantega was speaking in an interview with the Financial Times newspaper.

"This is a currency war which is turning into a trade war," Mr Mantega said in his first major interview since Dilma Rousseff took office as Brazil's new president on 1 January.

He said Brazil's trade with the US had slipped from an annual surplus of about $15bn (£9.6bn) to a deficit of $6bn because of US efforts to revive its economy through loose monetary policy.

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Brazil Finance Minister Mantega warns of trade war

Brazil Finance Minister Mantega warns of trade war

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