Total two-way trade with Brazil of $92 billion in 2024: Brazil is the 15th largest U.S. trading partner, but importantly, the U.S. has a rare $7.4 billion trade surplus. Some have flagged the tariff as being more politically motivated than economic.

President Trump's announcement that the U.S. will stick a 50% tariff on Brazilian goods whacked some of the country's

"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.

The U.S. dollar stabilised on Thursday after retreating from a two-week high versus major peers, as markets took U.S. President Donald Trump's latest tariff salvos in their stride, except in Brazil where a threatened 50% levy sent the real sliding.

Live updates and the latest news as the Trump administration is expected to announce new trade actions and Pete Hegseth and Benjamin Netanyahu meet

Brazilian President Luiz Inacio Lula da Silva was defiant on Monday as he wrapped up the summit when he answered reporters who asked about Donald Trump's tariff threats.