Trump punishes Brazil with high tariffs because of the "hunt" for Bolsonara. What the media is writing
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- Trump punishes Brazil with high tariffs because of the "hunt" for Bolsonara. What the media is writing
US President Donald Trump announced the imposition of duties of 50% on goods from Brazil in connection with the prosecution of the country's former leader Jair Bolsonaro. He approved the same rate for copper imports, which caused a stir among traders. At the same time, Trump sent warning letters about the imposition of tariffs to Moldova and Iraq. What the media write about American duties is in the Izvestia digest.
The Guardian: Trump imposed duties on Brazil because of the "witch hunt"
Trump announced on July 9 that his administration would impose a 50 percent tariff on Brazil on goods shipped to the United States, linking the move to what he called a "witch hunt" against former President Jair Bolsonaro. He criticized the lawsuit that threatens the politician in connection with an attempt to overturn the decision on his loss in the 2022 elections. Trump called Bolsonara a friend and hosted the former Brazilian leader at his Mar-a-Lago resort in 2020, when both were in power.
The Guardian
"This trial should not take place," Trump wrote in a post published Wednesday on the Truth Social website. "This is a witch hunt that must be stopped IMMEDIATELY!" He stated that the 50 percent tariffs for Brazil would be "separate from all industry tariffs."
After this news, the Brazilian real intensified its previous decline and fell by more than 2% against the dollar. Brazilian President Luiz Inacio Lula da Silva rejected Trump's demand to end the prosecution of Bolsonaro. He pointed out that the charges "fall exclusively under the jurisdiction of the Brazilian judiciary and, as such, are not subject to any interference or threats that could jeopardize the independence of national institutions."
Reuters: Trump announces tariffs on copper
Trump has stepped up his policy of imposing duties on global markets, announcing the introduction of a new 50% tariff on copper imports to the United States and a similar duty on goods from Brazil. Both tariffs will take effect on August 1. Trump first raised the issue of the copper duty at a cabinet meeting on July 8, prompting a rush by companies seeking to import more copper from Chile and other major suppliers as soon as possible.
Reuters
"I am announcing the imposition of a 50% duty on copper starting August 1, 2025, after receiving a convincing national security assessment," Trump wrote in a post on the Truth Social platform, referring to the investigation of the copper trade under section 232 of the National Security Act. This statement was made a few hours after he also informed Brazil that its "reciprocal" tariff would rise from 10% to 50% from August 1, which is a shockingly high level for a country with balanced trade relations with the United States.
Trump has blamed previous administrations for the decline of the US copper industry, saying copper is needed for the production of semiconductors, aircraft, batteries for electric vehicles and military equipment. According to him, the United States will once again create a "dominant copper industry."
Bloomberg: Copper traders sent supplies to Hawaii
Copper traders rushing to deliver their shipments to the United States are shifting shipments to Hawaii and Puerto Rico to shorten travel times as Trump's plan to impose tariffs threatens to end the hugely lucrative trade. After Trump's initial announcement, futures in New York jumped by about 25% compared to global benchmark prices. This means that traders who can supply metal to the United States before the new duties are imposed will make even bigger profits — or face bigger losses if the time runs out.
Bloomberg
Trump's statement marks the culmination of dramatic changes in the copper market since the president first announced plans to impose tariffs on copper in February. A sharp spike in U.S. prices has triggered massive demand for U.S. metal supplies; domestic stocks have surged while the rest of the world is facing a growing supply shortage.
According to sources familiar with the market, supply volumes have decreased in recent weeks as some traders began to prepare for the announcement of duties. However, large amounts of copper are still on their way to U.S. ports. According to market participants, U.S. copper reserves are likely to reach 500,000 tons in the coming weeks, about half of which is located in a key U.S. storage facility in New Orleans. Exhausted traders told how they had to stay up at night reacting to the news and making decisions about what to do with the shipments already bound for the United States and whether it was worth trying to increase shipments.
CNN: Trump signed only three trade agreements instead of 200
At the end of his first 100 days in office, Trump made a statement about progress in tariff negotiations and the upcoming conclusion of trade agreements with 200 countries. More than two months later, Trump announced just three of these agreements — with China, Britain and Vietnam. Wednesday was the day that Trump designated as the deadline for concluding agreements, otherwise they would face higher "reciprocal" duties.
CNN
Initially, Trump expected to conclude more trade agreements by Wednesday's deadline, but in recent weeks he has become convinced that it is impossible to conclude these agreements faster. That is why in recent weeks his public rhetoric has been replaced by statements that he will send letters demanding higher duties to America's trading partners, actually achieving results while negotiations continue.
Trump agreed to postpone the deadline to August 1 to give countries that are close to concluding an agreement a little more time to negotiate — in particular, the European Union, which is on the verge of announcing a trade deal with the United States. According to the three officials, trade negotiators are close to concluding a framework agreement that will set 10 percent tariffs and set parameters for further extensive trade negotiations.
The Washington Post: Trump targets small countries in bid to raise tariffs
Trump has released another torrent of tariff letters, saying he will impose new duties of up to 30% on imports from seven countries that have relatively limited trade with the United States. These countries include Moldova, Libya, the Philippines, Brunei, Iraq, Algeria and Sri Lanka. The U.S. trade deficit with Moldova totaled $85 million last year, which Trump called "a serious threat to our economy and to our national security!"
The Washington Post
As of May, the 15 largest trading partners of the United States account for more than 96% of the trade deficit, which casts doubt on the expediency of imposing high duties on such a large number of small players, which will lead to increased costs for American importers. According to the Census Bureau, the U.S. one-day trade deficit with China was about 10 times higher than Moldova's annual deficit.
A day earlier, major U.S. trading partners such as Japan and South Korea received letters with tariffs. The new recipients, with the exception of Brazil, were smaller and poorer, accounting for just $16 billion out of an annual trade deficit of $1.2 trillion. Some of the duty rates announced in letters this week differed from the original April figures by one percentage point. Trump called on the countries receiving the letters to lower trade barriers, suggesting that this could prompt him to change import duties.
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