Brazil's Lula scraps tax on imports under $50 before election

Brazil's President Luiz Inacio Lula da Silva has signed an executive order to eliminate federal taxes on foreign purchases worth up to a certain amount, reversing a highly unpopular levy. The move is expected to lower the cost of goods bought on cross-border e-commerce platforms widely used by lower-income Brazilians. The government says this will benefit the poorer population that relies heavily on these platforms to buy essential products. The tax revenue loss from the move will be published later.