By Anita Hamilton and Brian Swint
President Donald Trump issued an executive order reiterating the 50% tariff rate on Brazil that he previously announced on July 9 in a letter to the country's president Luiz Inácio Lula da Silva.
The new rate goes into effect in seven days, on Aug. 6, with some exceptions for goods already in transit.
Trump invoked the International Emergency Economic Powers Act, among other laws to formalize the new tariff rate. His order states that Brazil's actions have interfered with the U.S. economy, violated human rights, and undermined U.S. interests, among other accusations.
The order also criticized Brazil's persecution of former president of Jair Bolsonaro. Trump had previously criticized the trial of Bolsonaro, who faces charges for allegedly attempting a coup.
"The policies, practices, and actions of the Government of Brazil are repugnant to the moral and political values of democratic and free societies and conflict with the policy of the United States," the order reads.
Brazil's president Lula da Silva told the New York Times in an interview published earlier in the day that "If the United States doesn't want to buy something of ours, we are going to look for someone who will." He added, "I'm not going to cry over spilled milk."
The order includes a long list of exempted products from the new tariff, including orange juice and brazil nuts.
Trump Won't Extend Tariff Deadline. India Faces 25% Rate.
Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced.
President Donald Trump criticized India for having high tariffs and non-tariff trade barriers, as well as buying military equipment and energy from Russia. In a post Wednesday morning on his Truth Social media site, he said that the country will have a 25% tariff rate from Aug. 1, plus a penalty.
Trump also said that the Aug. 1 deadline is firm. That's when countries that haven't reached trade deals yet face higher tariffs outlined by the White House.
"THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE," Trump wrote. " -- IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!"
Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.
Share of Adidas, tumbled even though the sporting goods company maintained its sales guidance. The maker of Samba soccer shoes said the tariffs will increase the cost of its products in the U.S. by as much as EUR200 million ($230 million) for the rest of the year.
Luxury car maker Porsche, the subsidiary of Volkswagen that's famous for its 911 model, had an even starker warning. It took a hit of around $460 million from tariffs in the first half of the year because Porsche didn't pass on the higher costs to customers. After the European Union trade deal cut tariffs to 15% from now, Porsche lowered its guidance for the year.
Mercedes-Benz also warned that revenue will be significantly lower this year because of tariffs. The auto maker had previously dropped guidance altogether because of uncertainty about how high the levies might end up.
As negotiations between China the U.S. ended Tuesday. Treasury Secretary Scott Bessent said that "nothing is agreed until we speak with President Donald Trump." Trump and Chinese leader Xi Jinping may meet in person over the next few weeks.
Write to Anita Hamilton at anita.hamilton@barrons.com and Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
By Anita Hamilton and Brian Swint
President Donald Trump issued an executive order reiterating the 50% tariff rate on Brazil that he previously announced on July 9 in a letter to the country's president Luiz Inácio Lula da Silva.
The new rate goes into effect in seven days, on Aug. 6, with some exceptions for goods already in transit.
Trump invoked the International Emergency Economic Powers Act, among other laws to formalize the new tariff rate. His order states that Brazil's actions have interfered with the U.S. economy, violated human rights, and undermined U.S. interests, among other accusations.
The order also criticized Brazil's persecution of former president of Jair Bolsonaro. Trump had previously criticized the trial of Bolsonaro, who faces charges for allegedly attempting a coup.
"The policies, practices, and actions of the Government of Brazil are repugnant to the moral and political values of democratic and free societies and conflict with the policy of the United States," the order reads.
Brazil's president Lula da Silva told the New York Times in an interview published earlier in the day that "If the United States doesn't want to buy something of ours, we are going to look for someone who will." He added, "I'm not going to cry over spilled milk."
The order includes a long list of exempted products from the new tariff, including orange juice and brazil nuts.
Trump Won't Extend Tariff Deadline. India Faces 25% Rate.
Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced.
President Donald Trump criticized India for having high tariffs and non-tariff trade barriers, as well as buying military equipment and energy from Russia. In a post Wednesday morning on his Truth Social media site, he said that the country will have a 25% tariff rate from Aug. 1, plus a penalty.
Trump also said that the Aug. 1 deadline is firm. That's when countries that haven't reached trade deals yet face higher tariffs outlined by the White House.
"THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE," Trump wrote. " -- IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!"
Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.
Share of Adidas, tumbled even though the sporting goods company maintained its sales guidance. The maker of Samba soccer shoes said the tariffs will increase the cost of its products in the U.S. by as much as EUR200 million ($230 million) for the rest of the year.
Luxury car maker Porsche, the subsidiary of Volkswagen that's famous for its 911 model, had an even starker warning. It took a hit of around $460 million from tariffs in the first half of the year because Porsche didn't pass on the higher costs to customers. After the European Union trade deal cut tariffs to 15% from now, Porsche lowered its guidance for the year.
Mercedes-Benz also warned that revenue will be significantly lower this year because of tariffs. The auto maker had previously dropped guidance altogether because of uncertainty about how high the levies might end up.
As negotiations between China the U.S. ended Tuesday. Treasury Secretary Scott Bessent said that "nothing is agreed until we speak with President Donald Trump." Trump and Chinese leader Xi Jinping may meet in person over the next few weeks.
Write to Anita Hamilton at anita.hamilton@barrons.com and Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
July 30, 2025 15:28 ET (19:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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