Brazil to retaliate against U.S. 50% tariff
Reuters, citing a statement from the Brazilian President's office, reported that Brazil will take reciprocal action in response to the U.S. decision to impose a 50% tariff on Brazilian imports.
Mizan -
Just hours after U.S. President Donald Trump targeted Latin America's largest economy with the steep tariff, the office of President Luiz Inácio Lula da Silva announced plans for retaliation.
Lula's office stated: "Any unilateral increase in tariffs will be met with a response in accordance with Brazil’s Economic Retaliation Law."
Trump, escalating tensions with Brasília, declared that starting August 1, a 50% tariff will be enforced on Brazilian goods. Brazil responded by threatening countermeasures.
In a letter sent last night to his Brazilian counterpart, Trump not only announced the tariff but also stated that Washington would begin investigating Brazil’s trade practices.
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