US EditionTrump Hits Brazil with 50% Tariffs on Steel, Demands End to Bolsonaro Trial
BRAZIL, JUL 9 – The 50% tariff targets Brazil's imports amid accusations of political persecution and unfair trade, affecting key sectors like coffee and orange juice, with a $7.4 billion US trade surplus in 2024.
- On July 9, US President Donald Trump announced a 50% tariff on all Brazilian imports, citing Brazil's handling of former President Jair Bolsonaro's legal challenges as a key reason for the move.
- The tariff was announced following a public dispute earlier that week between Trump and Brazil’s leader, Luiz Inácio Lula da Silva, amid accusations from Trump of a politically motivated investigation against Bolsonaro.
- Following the announcement, Brazil's real extended its losses by more than 2% versus the dollar, while Brazilian companies like Embraer and Petrobras experienced declines in the stock market; meanwhile, Lula convened an emergency meeting in Brasilia.
- Trump stated that tariff rates rest on 'very, very substantial facts' and warned of escalation if Brazil retaliates, while Lula asserted that 'no one is above the law' and Brazil rejects outside interference.
- The 50% tariff will take effect on August 1, representing a major increase from the 10% tariffs announced in April and signaling heightened tensions between the US and Brazil.
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