Brazil assets plunge after Trump hikes tariff


The Brazilian real slumped nearly 3% against the US dollar on the back of the announcement. — Bloomberg

BRASILIA: Donald Trump’s threat to impose 50% tariffs on Brazilian goods sent the country’s currency plunging as the US leader sharply escalated a dispute with Latin America’s largest nation and leftist leader Luiz Inacio Lula da Silva.

In a letter posted to his social media account, Trump cited Jair Bolsonaro – the right-wing former president and Lula rival who is facing a trial on charges that he attempted a coup following his 2022 election defeat.

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