Brazil ‘Protectionist’ Drive May Hurt Retailers, JPMorgan Says

“Protectionist” Brazilian government initiatives to shore up local industry amid rising imports would hurt retailers while benefiting makers of industrial goods, JPMorgan Chase & Co. said.

Higher import tariffs would boost costs for retailers Lojas Renner SA, Cia. Brasileira de Distribuicao Grupo Pao de Acucar and Guararapes Confeccoes SA, analysts at JPMorgan, including Emy Shayo Cherman, wrote in a note to clients today.

Industrial-goods makers Marcopolo SA, Weg SA, Randon SA Implementos e Participacoes and Iochpe-Maxion SA would benefit from the measures, which may include tax breaks, according to JPMorgan.

To contact the reporter on this story: Alexander Cuadros in Sao Paulo at

To contact the editor responsible for this story: David Papadopoulos in New York at

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