Trump Hikes Brazil Tariff Rate to 50%, Sending Assets Reeling
BRAZIL, JUL 9 – The new tariff rate for Brazil is part of a gradual rollout responding to trade issues and past combative tariff behavior, according to Trump.
- President Donald Trump announced on July 9 a 50% tariff on all Brazilian imports, effective August 1 unless production moves to the U.S.
- The tariff escalation follows a dispute between Trump and Brazil's President Lula over Brazil's treatment of ex-President Bolsonaro and alleged attacks on free elections.
- Brazilian Vice President Geraldo Alckmin criticized the tariff as unfair and harmful to the U.S. economy, noting the U.S. runs a $7.4 billion trade surplus with Brazil.
- After the announcement, the Brazilian real declined by 2.9% against the U.S. dollar, and the largest U.S.-listed ETF focused on Brazilian stocks, valued at $5.35 billion, fell 1.8% during after-hours trading.
- This tariff move intensifies U.S.-Brazil trade tensions and may disrupt key sectors like coffee and orange juice, signaling possible wider economic impacts.
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Trade Tensions: U.S. Imposes New Tariffs on Brazil Amid Political Clash
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'Glaring error': Trump's angry tariff letter cites 'imaginary trade deficit'
President Donald Trump's angry letter to Brazil chastizing its judiciary and informing the country of his plans to slap a massive tariff on its goods contained a "glaring" error, The Guardian noted Wednesday.Trump issued a scathing rebuke of Brazil's judiciary in his letter, writing, "I knew and dea...
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