U.S. President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August.
Trump cited the treatment of former President Jair Bolsonaro ¡ª a rightwing populist leader ¡ª in his letter to Brazil, calling on authorities to drop charges against him over an alleged coup attempt. ¡°This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!¡± Trump wrote in the letter.
Trump on Wednesday also said he would levy a 30% rate on Algeria, Libya, Iraq and Sri Lanka, with 25% duties on products from Brunei and Moldova and a 20% rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April against those countries, though Iraq¡¯s duties are down from 39% and Sri Lanka¡¯s reduced from 44%.
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