When U.S. President Donald Trump linked 50% tariffs on Brazil to the trial against his ally, the country's former far-right leader, Washington left Latin America's largest economy with few options to deescalate but may have overestimated the country's vulnerability to the levies.

Scavino and two other top officials sold Trump Media stock with a combined value of up to $10 million before tariffs news

The deadline for the start of Trump's heaviest tariffs has been delayed until next month as Amazon's Prime Day sales bonanza kicks off to take the edge off price hikes.

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Earlier this week, President Donald Trump sent ripples across the commodities sector with the announcement that he will impose a 50% tariff on copper imports. According to a CNBC report, Trump implied that additional sector-specific levies would be just over the horizon.

The levy is the highest announced so far in Trump’s letters to world leaders this week, and comes after he wrote a lengthy message supporting the former Brazilian leader.

The president was following through on an earlier statement that he would target a key metal used for semiconductors, lithium-ion batteries and more.

President Donald Trump’s plan to hit Brazil with a 50% import tax on Aug. 1 threatens to increase prices for coffee and orange juice, two of the South American country’s key products.