On October 10, 2023, Brazilian Minister of Finance, Fernando Haddad, spoke about the recent surge in oil prices and urged that decisions regarding the economic situation should be approached carefully and not rushed. He highlighted the potential inflationary threat that high oil prices, if persistent, could pose through increased fuel costs. Haddad pointed out the folly of hasty decisions, referencing past economic panic that followed aggressive tariff increases under former U.S. President Donald Trump, which ultimately did not lead to the catastrophic economic breakdown feared by some.