In just over a month's time, the U.S. will decide who it wants to elect as its future president, and the Brazilian government is already preparing itself for risks when it comes to trade, following a Republican or Democrat outcome.
"We have (looked at) some modelling, but evidently that will depend on number one: who wins and number two: what actually the proposals are going to be," Henrique Meirelles, Brazil's Finance Minister told CNBC on Thursday.
"As what we are having now is a very open and wide political debate and evidently that's important."
"However, for us it's critical that we are prepared for anything which happens in other countries and that's the reason why we are proposing basic reforms for the Brazilian economy – for the economy to be stronger and more resilient – and not so dependent on trade policies even by important countries and largest ones like the U.S."
When asked about whether he was concerned over potential risks of trade barriers being put in place against Brazil, should a more protectionist candidate such as Donald Trump is voted into the White House, Meirelles said "trade barriers are not good for everyone, not only for Brazil."
"What experience shows is that open trade favors the two parties or the multilateral parties involved – why? Because it improves the efficiency, it improves productivity; it improves at the end of the day the level of income which is generated by the economy."
"At the end of the day, this is something which has some drawbacks sometimes, going back and forth and some political events might pull that back at some point in some countries. But I think that the globalization process is something which is irreversible. It's not coming back."
Speaking at the International Monetary Fund's annual meeting in Washington, the finance minister said he believed U.S. voters would make a "sensible" decision when it came to electing their future leader, whoever they chose.
"It's a very important, large and diverse country and it's normal that in a period like this, (when) you have an electoral process (that) you have dramatic proposals [sometimes]. Yet our expectation is that at the end of the day, the decision hopefully will be sensible."
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