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.

The fight is rooted in years of political history between President Trump and the last two presidents of Brazil.

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

The U.S. dollar strengthened against key global currencies as President Trump announced new tariffs on Canada and other nations. While markets reacted calmly, uncertainty loomed over trade policies. Attractive labor data and upcoming crypto legislation also added to the dollar’s gains,

BRASILIA, July 10 (Reuters) - Brazil scrambled to respond to U.S. President Donald Trump’s announcement of 50% tariffs on Brazilian exports, with President Luiz Inacio Lula da Silva convening an urgent cabinet meeting on Thursday as officials worked to de-escalate the crisis.

Donald Trump said he plans to impose a 50% tariff on imports from Brazil. Questions about the future of FEMA loom amid the Texas floods. And "Superman" becomes a political flashpoint ahead of the new movie's release.