Brazilian President Luiz Inacio Lula da Silva responded to Trump's letter by issuing a statement saying that any unilateral measure to increase tariffs would be met with a response in accordance with Brazilian law.

The United States will introduce 50% tariffs on all goods imported from Brazil starting on August 1, President Donald Trump announced on July 10 on his Truth Social platform. The new measures also include a 50% duty on all copper imports to the US.

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

What Happened in Markets Today Copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the [metal hit record highs](

In a letter to President Luiz Inácio Lula da Silva of Brazil, Mr. Trump wrote that the new tariffs would take effect on Aug. 1. “The way that Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his Term, including by the United States, is an international disgrace.”

The US President also issued a round of tariff letters to seven minor trading partners: the Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka.