US EditionBrazil Assets Plunge After Trump Hikes Tariff Rate to 50%
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.
- On July 9, President Donald Trump announced a 50% tariff on all Brazilian imports, effective August 1, escalating trade tensions between the two countries.
- The tariff was announced amid disagreements over Brazil’s handling of former President Bolsonaro and allegations that Brazil has undermined democratic processes and restricted freedom of expression, claims that the Brazilian government denies.
- Trump’s letter severely condemned Brazil’s judiciary and justified the tariff hike by referring to a "longstanding, very unfair trade relationship," despite the fact that the United States holds a trade surplus with Brazil.
- After the announcement, the Brazilian real dropped by 2.9% against the U.S. dollar, and the largest U.S.-listed ETF focused on Brazilian stocks, valued at approximately $5.35 billion, declined 1.8% in after-hours trading.
- The tariff threatens to impact Brazil’s major exports and the American food industry and signals continued trade friction ahead, as Brazil maintains its resistance amid ongoing negotiations.
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Hastings Tribune
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