Brazilian President Luiz Inácio Lula da Silva says that his government has not been successful in trying to negotiate the 50% tariff on Brazilian imports that U.S.

With Donald Trump's punitive tariffs against Brazil poised to take effect within days, Latin America's largest economy is bracing for a virtual embargo on its planes, grains, and crude oil. Lula promised to apply "reciprocity" if Trump's tariff threat materializes,

Brazil’s inflation edged up in early July as US President Donald Trump threatened to slap the South American nation with punishing tariffs, further complicating the consumer price outlook for the central bank.