Trump hits Brazil with 50% tariff bomb… These sectors got exemptions
US Finance Minister Scott Bezzant said that Brazilian Supreme Court judge Alexandre de Moraes has taken the lead in playing the role of judge and jury in an illegal witch hunt against American and Brazilian citizens and companies. Not only this, Bezzant has accused Moraes of human rights violations, arbitrary arrests, political trials and censorship.
Trump's tariff bomb on Brazil
US President Donald Trump took a tough step against Brazil and imposed a 50% tariff on most Brazilian goods. But he has exempted some essential sectors like aeroplanes, energy and orange juice from this heavy tax. Trump says that this step has been taken in connection with the ongoing case against former Brazilian President Jair Bolsonaro, which he is calling a 'witch hunt' (political conspiracy).
US imposed 50% tariff
According to a news agency, the Trump administration has not only imposed tariffs, but has also imposed sanctions on Brazilian Supreme Court judge Alexandre de Moraes. The same judge is monitoring the case related to the coup plot against Bolsonaro. US Treasury Secretary has accused Moraes of human rights violations, political lawsuits and censorship.
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Treasury Secretary Scott Besant said in a statement that Brazil's Supreme Court judge Alexandre de Moraes has taken the lead in playing the role of judge and jury in an illegal witch hunt against American and Brazilian citizens and companies.
How did the controversy deepen?
This controversy deepened further when Brazil's current President Luiz Inacio Lula da Silva compared Trump to an undesirable emperor. Since then, tensions in the relations between the two countries were constantly increasing. However, after the announcement of the tariff, there was some relief news that Brazil's major exporting sectors have been excluded from it. This led to a positive response in the Brazilian stock market. Hence, shares of aircraft manufacturer Embraer and pulp producer Suzano rose.
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What does Brazil say?
Brazil's Finance Secretary Rogerio Serro said that we are not facing the worst situation, these consequences are not as harsh as they could have been. Trump had earlier said that these tariffs would be implemented from August 2, but now it will be implemented from August 6. The White House factsheet clearly stated that this action is directly related to the ongoing case against Bolsonaro in Brazil.
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