Trump says US will impose 50% tariffs on Brazil

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President Donald Trump announced that the U.S. will impose a 50% tariff on all imports from Brazil starting August 1, citing unfair trade practices. In a letter to Brazilian President Luiz Inácio Lula da Silva, Trump defended the decision as common sense and expressed support for former President Jair Bolsonaro. He said Brazil has not been good to the U.S., citing persistent trade imbalances. The tariff, separate from existing sectoral tariffs, triggered a market reaction with the Brazilian real falling over 2% against the dollar. The move adds to Trump’s criticism of the BRICS alliance, of which Brazil is a founding member, and Brazil said it would meet to determine its response.