BRASILIA, July 14 (Xinhua) -- Brazilian President Luiz Inacio Lula da Silva announced Monday the formation of an interministerial committee to coordinate economic and trade countermeasures to protect the country's economy.

The move was taken after U.S. President Donald Trump announced a 50 percent tariff on all imports from Brazil starting Aug. 1.

The interministerial committee is created through a decree regulating the economic reciprocity law and will be chaired by Vice President Geraldo Alckmin, who is also minister of development, industry, trade and services.

The first meeting of the committee will be held on Tuesday, with representatives from the industrial sector in attendance. ■