Latest news with #BrazilianLawofEconomicReciprocity
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Trump slaps Brazil with 50% tariff, says copper levy due on August 1
Agencies U.S. President Donald Trump announced on Wednesday he would introduce a steep 50% tariff on Brazil, as he blasted the trial of the country's ex-leader, and said a U.S. 'national security' levy on copper would begin in August. In a letter addressed to Brazilian President Luiz Inacio Lula da Silva, Trump criticized the treatment of his right-wing ally Jair Bolsonaro as an 'international disgrace.' Bolsonaro is facing trial over accusations he plotted a coup after his narrow 2022 election loss to Lula. In response to Trump's tariff letter, Lula warned of possible reciprocation, writing on X that 'any unilateral tariff increases will be addressed in light of the Brazilian Law of Economic Reciprocity.' Brazil earlier on Wednesday said it had summoned the U.S. charge d'affaires over Trump's previous criticism of the Bolsonaro trial. The 50% U.S. tariff on Brazilian goods will take effect Aug. 1, Trump said in his letter, mirroring a deadline that dozens of other economies face. On that same date, a 50% tariff on U.S. imports of copper – a key metal used in green energy and other technologies – will take effect, Trump announced Wednesday evening on social media. He said the move followed a 'robust NATIONAL SECURITY ASSESSMENT,' likely alluding to a Department of Commerce investigation into copper launched earlier this year. 'Copper is the second most used material by the Department of Defense!' Trump said. Trump's message to Lula was the latest in more than 20 such letters the U.S. president has released since Monday, after repeatedly threatening to simply decide a rate for countries as negotiations continue over his elevated 'reciprocal' tariffs. Brazil had not been among those threatened previously with duties above a 10% baseline, and the U.S. runs a goods trade surplus with Brazil. On Wednesday, Trump also addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelling out duties ranging from 20% to 30% that would also take effect on Aug. 1. Similar to a first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time. While Trump in April imposed a 10% levy on almost all trading partners, he unveiled – and then withheld – higher rates for dozens of economies. The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to Aug. 1. Countries that faced the threats of elevated duties began receiving letters spelling out U.S. tariff rates on their products. In the messages, Trump justified his tariffs as a response to trade ties that he says are 'far from Reciprocal.' The letters urged countries to manufacture products in the U.S. to avoid duties, while threatening further escalation if leaders retaliated. Other countries that have received Trump's letters include key U.S. allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. Analysts have noted that Asian countries have been a key target so far. But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union. The Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with the U.K. and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China. Trump on Tuesday said his government was 'probably two days off' from sending the EU a letter with an updated tariff rate. An EU spokesperson said Wednesday the bloc wants to strike a deal with the U.S. 'in the coming days,' and has shown readiness to reach an agreement in principle. Apart from tariffs targeting goods from different countries, Trump has rolled out sector-specific duties on steel, aluminum and autos since returning to the White House in January.
Kuwait Times
3 days ago
- Business
- Kuwait Times
Trump hits Brazil with 50% tariff
US national security levy on copper to begin in August WASHINGTON: President Donald Trump announced a 50-percent tariff Wednesday targeting Brazil as he blasted the trial of the country's ex-leader, and said a US 'national security' levy on copper would begin in August. In a letter addressed to Brazilian President Luiz Inacio Lula da Silva, Trump criticized the treatment of his right-wing ally Jair Bolsonaro as an 'international disgrace.' Bolsonaro is facing trial over accusations he plotted a coup after his narrow 2022 election loss to Lula. In response to Trump's tariff letter, Lula warned of possible reciprocation, writing on social media that 'any unilateral tariff increases will be addressed in light of the Brazilian Law of Economic Reciprocity.' Brazil said earlier on Wednesday it had summoned the US charge d'affaires over Trump's previous criticism of the Bolsonaro trial. The 50-percent US tariff on Brazilian goods will take effect August 1, Trump said in his letter, mirroring a deadline that dozens of other economies face. On that same date, a 50-percent tariff on US imports of copper — a key metal used in green energy and other technologies — will take effect, Trump announced Wednesday evening on social media. He said the move followed a 'robust NATIONAL SECURITY ASSESSMENT,' likely alluding to a Department of Commerce investigation into copper launched this year. 'Copper is the second most used material by the Department of Defense!' Trump said. Escalation threats Trump's message to Lula was the latest in more than 20 such letters the US president has released since Monday, after repeatedly threatening to simply decide a rate for countries as negotiations continue over his elevated 'reciprocal' tariffs. Brazil had not been among those threatened previously with duties above a 10-percent baseline, and the United States runs a goods trade surplus with Brazil. China said in response that 'arbitrary' tariffs such as the 50-percent levy on copper 'serve no party's interests'. 'We have always opposed the overstretching of the concept of national security,' foreign ministry spokeswoman Mao Ning told a regular news conference. On Wednesday, Trump also addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelling out duties ranging from 20 percent to 30 percent that would also take effect on August 1. Similar to a first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time. While Trump in April imposed a 10-percent levy on almost all trading partners, he unveiled — and then withheld — higher rates for dozens of economies. The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to August 1. Countries that faced the threats of elevated duties began receiving letters spelling out US tariff rates on their products. In the messages, Trump justified his tariffs as a response to trade ties that he says are 'far from Reciprocal.' The letters urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated. Other countries that have received Trump's letters include key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. EU deal in 'coming days'? Analysts have noted that Asian countries have been a key target so far. But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union. European stock markets rose at the start of trading on Thursday, with London hitting a fresh record high on optimism that governments will strike deals to avoid the worst of US tariffs. The Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China. Trump said on Tuesday his government was 'probably two days off' from sending the EU a letter with an updated tariff rate. An EU spokesperson said Wednesday the bloc wants to strike a deal with the United States 'in the coming days,' and has shown readiness to reach an agreement in principle. Apart from tariffs targeting goods from different countries, Trump has rolled out sector-specific duties on steel, aluminum and autos since returning to the White House in January. – AFP
The Journal
3 days ago
- Business
- The Journal
Trump threatens Brazil with 50% tariff and hits out ex-leader Bolsonaro's trial as a 'disgrace'
DONALD TRUMP HAS threatened Brazil with a new 50% tariff and hit out at the country's president Luiz Inacio Lula da Silva over the trial of its former leader Jair Bolsonaro. In a letter addressed to Lula, Trump criticised the treatment of his right-wing ally Bolsonaro as an 'international disgrace'. Bolsonaro is facing trial in Brazil over accusations that he plotted a coup after his narrow 2022 election loss to Lula. Trump said in his letter that a US 'national security' levy on Brazilian goods will take effect on 1 August, mirroring a deadline which dozens of other economies face. A 50% tariff on imports of copper will also take effect on the same date. Trump said the move followed a 'robust national security assessment', a likely allusion to a Department of Commerce investigation into copper launched earlier this year. 'Copper is the second most used material by the Department of Defense!' Trump said. In response, Lula warned of possible reciprocation, writing on social media platform X that 'any unilateral tariff increases will be addressed in light of the Brazilian Law of Economic Reciprocity'. Brazil had announced earlier yesterday that it had summoned the US charge d'affaires over Trump's previous criticism of the Bolsonaro trial. Advertisement Trump's message to Lula was the latest in more than 20 such letters the US president has released since Monday, after repeatedly threatening to simply decide a rate for countries as negotiations continue over his elevated 'reciprocal' tariffs. Brazil had not been among those threatened previously with duties above a 10% baseline, and the United States runs a goods trade surplus with Brazil. On Wednesday, Trump also addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelling out duties ranging from 20% to 30% that would also take effect on 1 August. Similar to a first batch of documents published on Monday, the levels were not too far from those originally threatened in April, although some countries received notably lower rates this time. Although Trump imposed a 10% levy on almost all trading partners in April, he unveiled – and then withheld – higher rates for dozens of economies. The deadline for those steeper levels, including the European Union, to take effect was meant to be on Wednesday, before Trump postponed it further to 1 August. All eyes are on the state of negotiations with partners who have yet to receive such letters, including the European Union. On Tuesday, Trump said his government was 'probably two days off' from sending the EU a letter with an updated tariff rate. An EU spokesman said yesterday that Europe wants to strike a deal with the United States 'in the coming days', and has shown readiness to reach an agreement in principle. - © AFP 2025
Eyewitness News
4 days ago
- Business
- Eyewitness News
Trump hits Brazil with 50% tariff, sets date for copper levy
WASHINGTON - President Donald Trump announced a 50% tariff Wednesday targeting Brazil as he blasted the trial of the country's ex-leader and said a US "national security" levy on copper would begin in August. In a letter addressed to Brazilian President Luiz Inacio Lula da Silva, Trump criticised the treatment of his right-wing ally Jair Bolsonaro as an "international disgrace." Bolsonaro is facing trial over accusations he plotted a coup after his narrow 2022 election loss to Lula. In response to Trump's tariff letter, Lula warned of possible reciprocation, writing on X that "any unilateral tariff increases will be addressed in light of the Brazilian Law of Economic Reciprocity." Brazil earlier on Wednesday said it had summoned the US charge d'affaires over Trump's previous criticism of the Bolsonaro trial. The 50% US tariff on Brazilian goods will take effect on 1 August, Trump said in his letter, mirroring a deadline which dozens of other economies face. On that same date, a 50% tariff on US imports of copper - a key metal used in green energy and other technologies - will take effect, Trump announced Wednesday evening on social media. He said the move followed a "robust NATIONAL SECURITY ASSESSMENT," likely alluding to a Department of Commerce investigation into copper launched earlier this year. "Copper is the second most used material by the Department of Defence!" Trump said. ESCALATION THREATS Trump's message to Lula was the latest in more than 20 such letters the US president has released since Monday, after repeatedly threatening to simply decide a rate for countries as negotiations continue over his elevated "reciprocal" tariffs. Brazil had not been among those threatened previously with duties above a 10% baseline, and the United States runs a goods trade surplus with Brazil. On Wednesday, Trump also addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelling out duties ranging from 20% to 30% that would also take effect on 1 August. Similar to a first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time. While Trump in April imposed a 10% levy on almost all trading partners, he unveiled - and then withheld - higher rates for dozens of economies. The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to 1 August. Countries that faced the threats of elevated duties began receiving letters spelling out US tariff rates on their products. In the messages, Trump justified his tariffs as a response to trade ties that he says are "far from Reciprocal." The letters urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated. Other countries that have received Trump's letters include key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. EU DEAL IN 'COMING DAYS'? Analysts have noted that Asian countries have been a key target so far. But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union. The Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China. Trump on Tuesday said his government was "probably two days off" from sending the EU a letter with an updated tariff rate. An EU spokesman said Wednesday the bloc wants to strike a deal with the United States "in the coming days," and has shown readiness to reach an agreement in principle. Apart from tariffs targeting goods from different countries, Trump has rolled out sector-specific duties on steel, aluminium and autos since returning to the White House in January.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Brazil, Trump up the ante in row over Bolsonaro coup trial
Brazil and the United States escalated their row Wednesday over President Donald Trump's support for coup-accused ex-leader Jair Bolsonaro, with the American president slapping a 50 percent tariff on one of its main steel suppliers. Trump slapped a 50% on one of its main steel suppliers. Leftist Brazilian counterpart Luiz Inacio Lula da Silva threatened to reciprocate. Leftist Brazilian counterpart Luiz Inacio Lula da Silva threatened to reciprocate. Trump has strongly criticized the prosecution of right-wing ally Bolsonaro, who is on trial for allegedly plotting to cling on to power after losing 2022 elections to Lula. Brasilia on Wednesday summoned Washington's top envoy to the country to explain an embassy statement describing Bolsonaro as a victim of "political persecution" -- echoing Trump's claims of a "witch hunt" against the 70-year-old Brazilian firebrand. Trump then announced he would slap a 50 percent tariff on Brazilian imports starting August 1, citing "Brazil's insidious attacks on Free Elections" and warning of escalation if the country retaliates. In a letter addressed to Lula, Trump criticized the treatment of Bolsonaro as an "international disgrace" and said the trial "should not be taking place." He added Washington would launch an investigation into Brazil's trade practices. While Trump has been issuing letters to trading partners -- focusing on those his country runs a deficit with -- Brazil had until now not been among those threatened with higher duties come August 1. The South American powerhouse is the second-largest exporter of steel to the United States after Canada, shipping four million tons of the metal in 2024. The new 50 percent tariff was independent of sector-specific levies, with the US recently doubling duties on steel and aluminum imports to 50 percent. Lula wrote on X that "any unilateral tariff increases will be addressed in light of the Brazilian Law of Economic Reciprocity." Trade between the two countries reached $41.7 billion between January and June, with $20 billion for exports from Brazil and $21.7 billion for US products, according to Brazilian government data. 'LEAVE BOLSONARO ALONE' On Monday, Trump angered Lula by urging Brazilian authorities to "LEAVE BOLSONARO ALONE," in a post on social media. "They have done nothing but come after him, day after day, night after night, month after month, year after year!" the US president wrote. Lula, who narrowly beat Bolsonaro in a divisive election in 2022, hit back at Trump's "interference," insisting that "no one is above the law." Bolsonaro denies he was involved in an attempt to wrest power back from Lula as part of an alleged coup plot that prosecutors say failed only for a lack of military backing. After the plot fizzled, rioting supporters known as "Bolsonaristas" raided government buildings in 2023 as they urged the military to oust Lula. Bolsonaro was abroad at the time. The case against Bolsonaro carries echoes of Trump's prosecution over the January 6, 2021 attacks by his supporters on the US Capitol to try and reverse his election loss. Trump pleaded not guilty, and the case was abandoned when he was reelected president. The cases have drawn the Trump and Bolsonaro families together, with the Brazilian ex-leader's sons lobbying for US sanctions against one of the Supreme Court judges sitting on the ex-president's trial. In his post Monday, Trump suggested Bolsonaro was the favorite in presidential elections next year, despite him being banned from running for spreading disinformation about Brazil's voting system. Bolsonaro thanked Trump for his defense of "peace, justice and liberty" in a social media post. On Wednesday, the US embassy in Brasilia issued a statement to "reinforce" Trump's support for the embattled former army captain, who risks a 40-year prison sentence. "Jair Bolsonaro and his family have been strong partners of the United States," read the note. "The political persecution against him, his family, and his followers is shameful and disrespects Brazil's democratic traditions." Members of the BRICS grouping, meeting in Brazil under host Lula this week, criticized Trump's imposition of import tariffs and his bombing of Iran. This drew the US president's ire and a threat of 10 percent additional tariffs on each BRICS-aligned country. Lula insisted BRICS members were sovereign and did not want an 'emperor.'
