President Trump has escalated his trade war, this time targeting Brazil with a 50% tariff on exports to the U.S., effective August 1. He also ordered a Section 301 investigation into Brazil’s trade practices, citing censorship and election concerns. This move follows similar actions against South Korea, Japan, and the EU.
00:00Another craziness, US President Donald Trump turned his street angle against Brazil on Wednesday, threatening Latin America's largest economy with a punitive 50% tariff on export to the US and ordering an unfair trade practices investigation that could lead to even higher tariffs.
00:17Trump set the August 1st tariff rate far higher than the 10% duty imposed on Brazil on April 2nd in a tariff letter to Brazilian President Luiz Inácio Lula da Silva that vented anger over what he called the witch hunt trial of Lula's right-wing producer, Jair Bolsonaro.
00:38Criticizing what he said were Brazil's attack on free elections and speech and secret and unlawful censorship orders to US social media platforms.
00:46Trump's also ordered the US Trade Representative's office to open an unfair trade practices investigation into Brazil's policy under Section 301 of the Trade Act of 1974.
01:00The probe could lead to further tariffs on Brazilian exports.
01:04Trump's broadside against Brazil came as his administration was itching closer to a deal with its biggest trading partner bloc, the European Union.
01:12Brazil is the 15th largest US trading partner with total two-way trade of $92 billion in 2024 and a rare $7.4 billion US trade surplus.
Be the first to comment