Overview

• On July 9, President Trump ordered a 50% tariff on all Brazilian imports, citing what he called a “witch hunt” against former President Jair Bolsonaro.
• He simultaneously imposed a 50% levy on copper to bolster U.S. mining and drive domestic commodity production.
• The announcement followed letters sent to 21 other trading partners outlining proposed 20–40% surcharges as part of a broader global trade offensive.
• U.S. copper prices surged over 12% at the Comex exchange, while Brazil’s real weakened by more than 2% and major equities slid.
• The U.S. embassy in Brasilia condemned Bolsonaro’s prosecution as disrespectful to democratic traditions, and President Lula vowed reciprocal measures under Brazil’s economic reciprocity law.