Brazil vows retaliatory tariffs against US
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BRASILIA, July 10 (Reuters) - Brazil scrambled to respond to U.S. President Donald Trump’s announcement of 50% tariffs on Brazilian exports, with President Luiz Inacio Lula da Silva convening an urgent cabinet meeting on Thursday as officials worked to de-escalate the crisis.
The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.
President Donald Trump sent out a slew of letters Wednesday to some global trading partners, advising them of tariff levels as high as 50% for their exports to the United States.
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The White House concluded that non-tariff methods for punishing Brazil would take too long, two people familiar with the situation said.
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One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.
President Donald Trump announced Wednesday he planned to hit Brazil with a 50% tariff, in part because of the treatment of its former president Jair Bolsonaro, his political ally.
President Donald Trump singled out Brazil for import taxes of 50% on Wednesday for its treatment of its former president, Jair Bolsonaro, showing that personal grudges rather than simple economics are a driving force in the U.
President Trump is threatening Brazil with a 50% tariff, citing a "witch hunt" against the country's ex-President Jair Bolsonaro. NBC News Business and Data Correspondent Brian Cheung reports more. CNBC Senior Analyst and Commentator Ron Insana joins Chris Jansing to break down the economic impact on Americans.
U.S. President Donald Trump said he plans to impose 50% tariffs on all products from Brazil starting August 1, which could have a sharp impact on South America's agricultural powerhouse.The U.S. is the second biggest destination for Brazil's exports behind China.