Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

Partial data for 2025 shows the U.S. with a $1.6 billion surplus. Brazil’s exports to the U.S. are largely commodities and raw materials — such as crude oil, coffee, and iron and steel products — while U.S. exports to Brazil are led by aviation-related goods.