Brazil vows retaliatory tariffs against US if Trump follows through on 50% import taxes

Brazilian President Luiz Inácio Lula da Silva says he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50%. Lula’s comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the U.S. and China. Trump has vowed to respond forcefully if countries seek to punish the U.S. The letter that Trump sent to Brazil on Wednesday railing against the “witch hunt” trial against former President Jair Bolsonaro opened up a new front in his trade wars.