Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today
Just this morning Singapore time, U.S. President Donald Trump said that the 50% tariff on copper imports, which he announced earlier on Tuesday, will begin on Aug. 1.
On Wednesday, Trump posted a fresh slate of tariff letters on goods from at least seven more countries, including Mexico, the no. 1 importer of goods to the U.S., Philippines, Brunei and Sri Lanka.
But the president took a few steps further with Brazil by threatening a 50% tariff on the country. This is partly in response to the ongoing trial of his vocal ally Jair Bolsonaro over the role of Brazil’s former president in an alleged coup to overturn his 2022 reelection loss.
The 50% tariff on Brazil marks the largest duties rate that the White House has imposed on its trading partners in the recent round of new levies, which are set to begin on Aug. 1.
