While the Brazilian economy struggles to get back on track after an extremely difficult decade, its hydrocarbon wealth continues to attract international interest. State owned Petrobras dominates the upstream and refining sectors but has been forced to sanction foreign investment because of its own financial difficulties. At the same time, Brazil’s engineering giants have been blocked from bidding for some contracts, providing opportunities that may previously have been closed off.

Under Trump’s direction, Washington has drawn up a list of more than 1,000 Chinese products on which tariffs could be imposed. Beijing has responded by threatening its own sanctions, headlined by a 25% tariff on US soya beans.

The Latin American giant generates 76% of its electricity from renewable sources, most of it from hydropower plants located in the Amazon basin.

While Chinese capital is showing signs that it has come to stay, the Brazilian government has been implementing economic reforms to improve the business environment.