US President Donald Trump has threatened Latin America's largest economy, Brazil, with a 50% tariff on exports to the US. He also ordered an investigation into alleged unfair trade practices, which could lead to even higher duties.
Trump set the August 1 tariff rate, far higher than the 10% duty imposed on Brazil on April 2. Brazil is the United States' 15th-largest trading partner, with total two-way trade amounting to USD 92 billion in 2024, and a rare US trade surplus of USD 7.4 billion.
Brazil was one of eight countries mentioned in letters Trump posted on Wednesday, which outlined potential tariff increases ranging from 20% to 30%.
These included a 20% tariff on the Philippines; 25% on Brunei and Moldova; and 30% on Algeria, Iraq, Libya, and Sri Lanka. Earlier, Trump also announced plans to impose additional levies on 14 other countries, with tariff rates ranging from 25% to 40%, including Japan (25%), South Korea (25%), South Africa (30%), Indonesia (32%), and Thailand (36%).
Source: Trading Economics
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that gro...
The U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs,...
US President Donald Trump plans to impose tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean, as the Associated Press reported. "We'll probably set one tariff for...
President Donald Trump warned on Monday that he would impose secondary tariffs of 100% on Russia if a peace deal with Ukraine isn't reached within 50 days. "We are going to be doing very severe tariff...
The European Union announced on Sunday that it will extend its suspension of countermeasures to U.S. tariffs until early August, aiming to pursue a negotiated settlement. This comes after President T...
Federal Reserve Chairman Jerome Powell, in a letter on Thursday, rebutted criticism leveled at the central bank by a top White House official regarding the $2.5 billion renovation project. "We take seriously our responsibility to be good stewards...
The US dollar (USD) weakened on Friday (July 18th), retreating from a three-week high as momentum waned. However, the greenback remained supported by strong US economic data released this week, which has reduced the likelihood of an immediate...
Oil prices edged higher on Friday (July 18th), heading for a slight weekly loss, as investors weighed new EU sanctions against Russia. Brent crude futures rose 50 cents, or 0.72%, to $70.02 a barrel at 09:12 GMT, while U.S. West Texas Intermediate...
U.S. consumer prices increased by the most in five months in June amid higher costs for some goods, suggesting tariffs were starting to have an...
European stocks erased early gains and closed mostly lower on Tuesday as markets continued to assess how potential tariffs from the US may hurt...
The U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of...
President Donald Trump's renewed calls for Federal Reserve Chair Jerome Powell's resignation have prompted investors to protect portfolios against...