Both Brazil and China do rely on each other for a lot. And as Europe slows as we’ve been talking about and U.S. does remain sluggish.

我认为，原句第二个and 多余，应删去。第一个and 用来承接上文，可要可不要。

此外，第一个as 表示时间，意为“随着”，引导时间从句；第二个as 是比较代词（兼做about 的宾语），意为“正如”，引导比较从句。

鉴于此，原句应改为：

Both Brazil and China do rely on each other for a lot. (And) as Europe slows as we’ve been talking about， U.S. does remain sluggish.

【翻译】巴西和中国在很大程度上确实相互依赖。正如我们所谈论的，随着欧洲经济放缓，美国经济的确依然疲软。