Trump announces 50% tariffs on Brazilian goods

NEW YORK -- US President Donald Trump announced Wednesday afternoon that tariffs of 50 percent will be charged on goods imported from Brazil, effective on Aug 1.

Trump posted a letter to Brazilian President Luiz Inacio Lula da Silva on Truth Social, his social media platform, claiming that "Due in part to Brazil's insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans ... we will charge Brazil a Tariff of 50% on any and all Brazilian products sent into the United States."

Trump announced new tariffs on 14 countries on Monday and seven others on Wednesday, with rates varying from 20 percent to 40 percent. The latest announcement of 50 percent tariffs on Brazil is the highest so far in this round.