Trump blasts Brazil with 50% tariff, puts copper tariff at 50% in effect August 1

finance.yahoo.com

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

The highlight of his letter barrage late Wednesday was his announcement of a coming 50% tariff on goods from Brazil in a letter sent to its president, Luiz Inácio Lula da Silva. Trump cited the country's treatment of former President Jair Bolsonaro, who is on trial in Brazil’s Supreme Court on charges that he plotted a coup in 2022.

"This Trial should not be taking place," Trump said. "It is a Witch Hunt that should end IMMEDIATELY!"

Trump earlier on Wednesday had dictated coming tariff rates to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Those tariffs ranged from 20% to 30% and came in mostly in line with the duties he had announced on those countries' imports back in April's "Liberation Day" event.

Trump had posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%.

Meanwhile, Trump injected fresh uncertainty into another metal market this week after posting onto Truth Social, confirming an August 1st date on the proposed 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals. On Wednesday, COMEX copper (HG=F) futures fell over 3% after initially jumping on Trump's announcement.

Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.

Here is where things stand with various other partners:

• Vietnam: A deal with Vietnam will see the country's imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate from another country, like China.

• European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.

• Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.