Trump, Brazil
Digest more
The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.
The past week has been a whirlwind of economic and political events. From record-breaking customs duty collections to billionaire investors casting doubt on tariff outcomes, the week was filled with intriguing stories.
2don MSN
One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.
Critics say the tariff on Brazil could further erode the Trump administration's credibility as it pursues an aggressive trade agenda.
BRASILIA, July 10 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said he wanted to find a diplomatic solution to U.S. President Donald Trump’s threat of 50% tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April.
Money managers from Aberdeen Group Plc to Franklin Templeton are staying bullish on Brazil, betting the country will withstand its unexpected turn in the epicenter of Donald Trump’s trade war. One reason: The fairly closed Brazilian economy,
Brazil believes it can withstand Trump’s 50 percent tariff, and aides to Lula say he is unlikely to shrink from a confrontation with the White House.