ANTITRUST & COMPETITION

This newsletter highlights key antitrust and international trade developments from the second half of 2025, focusing on enforcement actions, policy initiatives, and market trends that are expected to influence competition and cross-border business in 2026.
CADE prioritizes the fuel sector for 2025 and 2026
In July, the Administrative Council for Economic Defense’s (“CADE”, in its Portuguese acronym) designated the fuel sector as an enforcement priority for 2025 and 2026. This designation has several practical implications:

i. CADE’s Superintendence-General (“SG”) is expected to prioritize investigations in the sector;
ii. CADE’s Department of Economic Studies (“DEE”, in its Portuguese acronym) will update its sectorial studies and propose new pro-competition initiatives, having already published an assessment on initiatives recommended in 2018 (such as enhancing cooperation among public authorities for better information exchange);
iii. CADE will strengthen coordination with other public authorities, notably the National Agency of Petroleum, Natural Gas and Biofuels and the Brazilian Federal Revenue Service;
iv. In November, CADE held a public hearing to identify competition concerns in the sector, bringing together representatives of government, industry, academia, and civil society; and
v. An institutional outreach campaign will be launched to promote CADE’s online reporting channel and leniency program.

Bill seeks to expand CADE’s powers over digital markets
In September, Bill n. 4,675/2025 (“Bill”) was introduced in the Brazilian Congress, proposing to expand CADE’s role in digital markets by establishing an ex ante regulatory regime aimed at preventing conduct that may harm competition and innovation.

The Bill creates a Digital Markets Superintendence within CADE to designate “systemically relevant” platforms and propose tailored obligations, including prior notification of transactions, information-disclosure requirements, and bans on practices such as self-preferencing and tying/bundling. The unit would also investigate unilateral conduct and enforce compliance.

Designation would be based on turnover thresholds (BRL 5 billion in Brazil or BRL 50 billion worldwide) and qualitative criteria, such as the operation of multi-sided platforms and network-driven market power, subject to case-by-case approval by CADE’s Tribunal. The proposal mirrors key elements of the EU Digital Markets Act, while allowing for more flexible, individualized remedies.

CADE updates its Antitrust Leniency Guidelines
In September, CADE issued a revised Antitrust Leniency Guidelines, consolidating procedures for negotiating and implementing leniency agreements in cartel and other competitor-collusion cases. Key updates include:

i. Expanded guidance on conduct eligible for leniency, with practical examples covering labor-market violations (including no-poach and wage-fixing agreements) and exchange of competitively sensitive information, including in technical cooperation and R&D contexts;
ii. Introduction of an optional pre-marker phase allowing parties to assess eligibility before submitting a formal marker request;
iii. Enhanced institutional cooperation between CADE, the Office of the Comptroller General (anticorruption agency), and the Federal Attorney General’s Office in public bid-rigging cases; and
iv. More detailed rules on partial leniency, including the possibility of adjusting CADE’s fine-setting to reflect sanctions imposed by other authorities.

CADE’s Tribunal convicts alleged international hard disk components cartel
In September, CADE’s Tribunal found a company and certain executives liable for their alleged involvement in an international cartel relating to the production of suspension assemblies for hard disks (“HDs”). The case was investigated in multiple jurisdictions, including the United States and Japan, and was opened in Brazil following a leniency agreement.

According to the Tribunal, although the production of suspension assemblies is largely concentrated in Asia, the alleged cartel had effects in Brazil because the investigated companies accounted for nearly all the global manufacturing of the product. Thus, Brazilian HD manufacturers likely imported suspension assemblies from them. Additionally, the Tribunal found that the conduct may have affected Brazil indirectly through imports of products incorporating HDs, such as laptops.

CADE’s Tribunal reduces fine following court ruling
In September, CADE’s Tribunal revisited a fine imposed in 2021 on a logistics transportation company for alleged abuse of dominance following a Judiciary ruling, which found CADE’s fine-setting methodology disproportionate because it was based on the company’s overall revenue rather than revenue in the market affected by the conduct.

Agreeing that the original fine was disproportionate, CADE’s Tribunal unanimously approved a settlement proposed by the company and, using a narrower calculation base, reduced the fine from BRL 250 million to BRL 18 million.

CADE’s Tribunal clears FX probe following seven settlements
In October, CADE’s Tribunal approved seven settlement agreements regarding alleged anticompetitive practices in the offshore foreign-exchange (FX) market, including price fixing, exchange rate manipulation, and coordination of trading strategies in transactions involving the Brazilian currency. The agreements were negotiated with Reporting Commissioner Victor Fernandes and added to nine others that were signed during the investigative phase. Total settlement payments in the case exceed BRL 310 million.

CADE’s Tribunal highlights family ties as key evidence in bid-rigging case
In October, CADE’s Tribunal found companies and individuals liable for an alleged cartel in public tenders in the electronic security systems market. Among the evidence considered, the Tribunal highlighted its analysis of family ties between representatives of the investigated companies, finding that these connections facilitated coordination and execution of the alleged cartel.

CADE signs two settlement agreements in investigations of alleged abuse of dominance in the tech sector
In December, CADE’s Tribunal approved two settlement agreements involving investigations into alleged anticompetitive conduct in the tech sector.

In the first case, CADE addressed alleged abuse of dominance involving app pre-installation rules, operating system restrictions, and payments to deter the installation of rival apps. The company committed to end tying practices, refrain from retaliation against manufacturers, and remove exclusivity clauses.

In the second case, CADE approved commitments related to restrictions in a mobile ecosystem. These included limitations on the distribution of third-party digital goods and services through the ecosystem’s owner digital store, as well as mandatory in-app payment systems. The company agreed to allow external offers, enable alternative payment methods, and permit alternative app stores for a three-year period.

In both cases, proceedings are suspended subject to full compliance with the agreed commitments.

CADE increases use of merger remedies
In the second half of 2025, CADE increasingly cleared mergers subject to structural and behavioral remedies, reflecting a more active enforcement approach in cases raising competitive concerns while allowing deals to proceed.

This trend cuts across multiple sectors. In healthcare and pharmaceuticals, transactions between leading players were approved subject to asset divestitures. In oil and gas, clearance was conditioned on governance commitments relating to the operation of a port terminal, while a major food-sector transaction also required structural remedies in addition to commitments governing future conduct.

Notably, CADE ordered the notification of a transaction in the industrial materials sector and, for the first time, approved a transaction below mandatory filing thresholds subject to significant structural measures, including the discontinuation of production at one of the facilities for a ten-year period. Toward year-end, CADE also cleared a RAN-sharing agreement between leading telecommunications groups subject to behavioral commitments and approved a major pet-industry transaction with comprehensive structural and behavioral remedies.

INTERNATIONAL TRADE

Updates in Commercial Defense
The U.S. “tariff shock” and measures adopted by the Brazilian Government:
Relief for agricultural products. After adjusting the scope of the 10% reciprocal tariffs (which apply to nearly all trading partners) to exempt imports of a range of agricultural and livestock products, the White House issued an Executive Order that revises the additional 40% tariff imposed to Brazilian products to exclude agricultural and livestock items. This change has a positive impact on sectors such as coffee, beef, and especially orange juice.
Brazil submits a provisional agreement proposal to the United States. As discussions between Brazil and the U.S. on trade and tariff policy advance, Brazil’s Minister of Foreign Affairs, Mauro Vieira, confirmed that the Brazilian government has submitted to the U.S. a proposal for a provisional agreement setting out a roadmap for negotiations over the coming years.

Initiation of Investigations and Reviews. The following are some of the main trade remedy investigations and reviews that have been initiated by the Secretariat of Foreign Trade (“SECEX”):
Original dumping investigation – imports of butyl acrylate from China. The investigation was requested by the sole domestic producer (imports of butyl acrylate from USA, Russia, South Africa, and Chinese Taipei are already subject to definitive duties). Other factors of injury and the occurrence of force majeure at the domestic producer’s plant are issues that might take an important role on the analysis of the case.
Public interest assessment– antidumping duty on imports of non-grain-oriented electrical steel (GNO) from Germany, China, South Korea, and Chinese Taipei. The assessment was initiated ex officio by SECEX following a CAMEX recommendation issued in conjunction with the approval of the first renewal of the antidumping duty. A final decision should be taken on January 2026.
Original dumping investigation – imports of acrylic acid from China. SECEX identified that the Chinese producing sector for the product under investigation does not operate under market conditions and calculated normal value based on the domestic price in the United States. The growth of imports from other origins and the occurrence of a force majeure event at the domestic industry’s plant are additional causation factors currently under analysis.
Original dumping investigation – imports of disposable syringes from India and Paraguay. This is a dumping petition against two new origins—imports of syringes from China have been subject to antidumping duties since 2009. A key point was DECOM’s distinction between “domestic industry” and “national production,” which led to one Brazilian producer being excluded from the “domestic industry” definition due to its corporate relationship with a foreign producer under investigation.
Original dumping investigation – imports of nonwoven fabric from China, Egypt, and Israel. The investigation was filed on behalf of the domestic industry by an association that provided injury data from the main national producers. SECEX found that the Chinese producing sector for the product under investigation does not operate under market-economy conditions and determined the normal value using Israel as the surrogate third country.
Original dumping investigation – imports of seamless carbon steel line pipe from Malaysia, India, and Thailand. This is a dumping petition against three new origins—these products are already subject to definitive antidumping measures when originating in Romania (since 1999), China (since 2011), and Ukraine (since 2015). Issues to watch include the allocation of injury between the three existing duties, and the identification of undercutting in only one year of the investigated period.
Original dumping investigation – imports of food-grade phosphoric acid from China, Mexico, and Morocco. The petition was filed after the termination of a similar investigation, which was closed in June 2025 due to flaws in the validation of the domestic industry’s data during the on-site verification.
Sunset review – antidumping duty on imports of seamless carbon steel line pipe from Ukraine. This is the second sunset review of the antidumping duty on steel pipes from Ukraine.
Public Interest Assessment (AIP) – antidumping duty on imports of fiber-optic cables from China. This is the first AIP initiated ex officio by SECEX under the current rules, during the original dumping investigation (i.e., before a definitive duty is imposed), following a request and technical note issued by SDIC/MDIC which raised concerns about the effects of the antidumping duty on public programs and policies aimed at expanding digital access. CAMEX decided to impose an antidumping duty lower than the dumping margin assessed.
Redetermination – antidumping duty on imports of magnesium metal in crude forms from China. The redetermination was requested by the domestic producer on the grounds that the antidumping duty—set under the lesser-duty rule—had lost its effectiveness.
Appeal – antidumping duty on imports of powdered milk from Argentina and Uruguay. Following an appeal filed by the Brazilian fluid milk industry, the Minister ordered a review of the decision that had excluded fluid milk from the definition of the domestic like product, thereby reinstating the interpretation previously adopted by DECOM. In addition, the evidentiary phase of the ongoing investigation was reopened for a period to be determined by DECOM.

CONCLUSION OF INVESTIGATIONS AND OTHER REVIEWS. The following definitive duties were imposed or altered by CAMEX:
Clear float flat glass from Malaysia, Pakistan, and Turkey. CAMEX imposed definitive anti-dumping duties on imports from Malaysia, Pakistan, and Turkey, with duties ranging from US$ 18.30/t to US$ 409.19/t.
Optical fiber cables from China. CAMEX imposed definitive anti-dumping duties on imports from China, with a rate of US$ 2.452/kg, lower than that recommended in the dumping investigation, due to public interest reasons.
Windshields from Malaysia. In an anti-circumvention review requested by an association representing the domestic industry, CAMEX decided to extend to the imports of Malaysian product the anti-dumping duty imposed to China.
Optical fibers from China. CAMEX imposed definitive anti-dumping duty on imports from China, with a specific rate of US$ 47.46/kg.
Polyester synthetic fibers. CAMEX imposed definitive antidumping duties on imports from China, India, Thailand, and Vietnam, with specific rates ranging from US$ 74.98/t to US$ 390.94/t. SECEX terminated the investigation on imports from Malaysia after no dumping was identified.
Carbon steel flat-rolled products (steel sheets). CAMEX imposed definitive antidumping duties on imports from China, with specific rates ranging from US$ 284.34/t to US$ 499.35/t.
Titanium dioxide pigments from China. CAMEX imposed definitive antidumping duties on imports from China, with specific rates ranging from US$ 1,223.92/t to US$ 1,148.72/t.

CONCLUSION SUNSET REVIEWS. CAMEX decided to extend the imposition of the following definitive antidumping duties.
Car tires from Thailand and Chinese Taipei.
Tableware from China.
Nylon yarn from China, South Korea, and Chinese Taipei.
Motorcycle tires from China, Thailand, and Vietnam.
Ethanolamines from Germany and the United States.
Padlocks from China.
Fresh or chilled garlic from China.
Motorcycle tires from China, Thailand, and Vietnam.

PUBLIC INTEREST: TERMINATION AND SUSPENSION OF DUTIES. CAMEX issued the following decisions based on Public Interest:
Non-surgical procedure gloves from China, Malaysia, and Thailand. CAMEX decided to suspend, on public interest grounds, the definitive antidumping duty imposed to imports from China, Malaysia, and Thailand, as the Government identified that national production had only been partially resumed.
Nylon yarns originating from a specific Chinese producer. CAMEX decided to revoke, for public interest reasons, the application of provisional antidumping duties, following appeals submitted by importers and domestic industrial users who presented new facts demonstrating potential harm to the national economy due to insufficient domestic supply.