Trump hits Brazil with 50% tariff
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Donald Trump said he plans to impose a 50% tariff on imports from Brazil. Questions about the future of FEMA loom amid the Texas floods. And "Superman" becomes a political flashpoint ahead of the new movie's release.
Total two-way trade with Brazil of $92 billion in 2024: Brazil is the 15th largest U.S. trading partner, but importantly, the U.S. has a rare $7.4 billion trade surplus. Some have flagged the tariff as being more politically motivated than economic.
President Trump's announcement that the U.S. will stick a 50% tariff on Brazilian goods whacked some of the country's
"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.
The U.S. dollar stabilised on Thursday after retreating from a two-week high versus major peers, as markets took U.S. President Donald Trump's latest tariff salvos in their stride, except in Brazil where a threatened 50% levy sent the real sliding.
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Brazilian President Luiz Inacio Lula da Silva was defiant on Monday as he wrapped up the summit when he answered reporters who asked about Donald Trump's tariff threats.