Trump fires off more tariff letters, threatens Brazil with 50% levy

Washington [US], July 11: US President Donald Trump on Wednesday sent a barrage of letters to eight more countries dictating steep new tariff rates as of August 1, including a 50% levy on goods from Brazil. Trump posted the two-page letters - addressed to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, Sri Lanka and Brazil - on his Truth Social platform. The latest batch comes two days after he sent letters to 14 countries, including key allies Japan and South Korea, telling them to expect higher tariffs unless new trade deals can be struck. Algeria, Libya, Iraq and Sri Lanka face tariff rates of 30%, while Brunei and Moldova were threatened with 25% and the Philippines with 20%.
Trump told Brazilian President Luiz Inacio Lula da Silva to expect a 50% rate due to the treatment of former far-right president Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election results and stage a coup. Trump called the criminal charges against the firebrand nationalist "an international disgrace." "This Trial should not be taking place," Trump wrote in the letter.
"It is a Witch Hunt that should end IMMEDIATELY!" In a statement, Lula said Brazil was a sovereign nation with independent institutions. Charges against Bolsonaro were exclusively under the jurisdiction of Brazil's Judicial Branch and are "not subject to any interference or threats that could compromise the independence of national institutions," Lula said. "Sovereignty, respect and the unwavering defence of the interests of the Brazilian people are the values that guide our relationship with the world." Any increase in tariffs by the US would "be addressed in accordance with Brazil's Economic Reciprocity Law," Lula said.
He rejected Trump's claim regarding a US trade deficit with Brazil. "Statistics from the US government itself show a surplus of $410 billion in the trade of goods and services with Brazil over the past 15 years." Trump's tariff blitz Trump has been rolling out new tariff rules for goods entering the US since Monday, when he also extended a 90-day pause on his so-called reciprocal tariffs first announced on April 2. The tariffs have sent heads spinning in corporate boardrooms and foreign capitals. Investors, however, seem to be taking the news in their stride as US stocks continue to push higher. Trump said on Tuesday he will stick to his August 1 deadline, writing on Truth Social: "No extensions will be granted."
Source: Qatar Tribune