Brazilian President Luiz Inacio Lula da Silva responded to Trump's letter by issuing a statement saying that any unilateral measure to increase tariffs would be met with a response in accordance with Brazilian law.

What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

Brazil scrambles to respond to Trump's 50% tariffs Reports out of Brazil have said the country scrambled to respond to President Trump's announcement of 50% tariffs on Brazilian exports.

Brazil has warned of retaliation after the US imposed a 50% tariff on its copper imports, a move linked to Trump's support for Bolsonaro. President Lu

Stock indexes edged higher on Thursday, with investors weighing the latest trade announcements from U.S. President Donald Trump, while the Brazilian real recovered some losses following Trump's announcement of a 50% tariff on goods from Brazil.