Trusted
Breaking

Trump Imposes Surprising 50% Tariff on Brazil as Crypto Market Reacts

1 min
Updated by Mohammad Shahid
Join our Trading Community on Telegram

In Brief

  • Trump announces 50% tariff on Brazilian imports, effective August 1, citing unfair trade and political tensions over Bolsonaro.
  • FOMC minutes released earlier showed most Fed officials support rate cuts in 2025, with some open to easing as soon as July 30.
  • Bitcoin pulled back to $110,800 after hitting a new all-time high of $112,000, as markets react to renewed global trade uncertainty.
  • promo

US President Donald Trump has announced a 50% tariff on Brazilian imports, escalating tensions after a week of diplomatic strain. The new tariff will take effect on August 1.

The announcement came through Trump’s social media channels in a formal letter addressed to Brazilian President Luiz Inácio Lula da Silva.

In the letter, Trump cited “unfair trade practices” by Brazil and criticized the Brazilian Supreme Court’s handling of former President Jair Bolsonaro. He currently faces trial for inciting an anti-democratic coup attempt. 

That event led to the January 8, 2025, storming of the Planalto presidential palace in Brasília.

Tensions between the two countries intensified earlier this week after Trump posted messages supporting Bolsonaro and criticizing the BRICS summit. 

He warned that any country aligned with what he called “anti-American BRICS policies” would face an additional 10% tariff.

The move comes amid already heightened market sensitivity following today’s release of FOMC minutes. It showed most Federal Reserve officials favor rate cuts in 2025, with some open to easing as early as July 30.

Shortly after the Brazil tariff news broke, Bitcoin pulled back from its new all-time high of $112,000, dipping to around $110,800. 

The crypto market, which had been buoyed by Fed rate cut optimism, showed signs of caution as global trade tensions resurfaced.

This is a developing story.

Best crypto platforms in Europe
Best crypto platforms in Europe
Best crypto platforms in Europe

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

renan.honorato.png
Renan Honorato
A journalist by passion, he practices the profession with seriousness. He covers topics related to the creative economy, Web 3.0, and geopolitics. He worked in the newsroom of Meio & Mensagem and contributes to UOL. He aims for a master's degree in international relations at USP, in addition to acting as a partner with Oboré in the communication of the Vladimir Herzog Memorial Square. Story suggestions are always welcome.
READ FULL BIO
Sponsored
Sponsored