Breaking: Silver Tops $38 for First Time Since 2011 
Tensions are rising between Brazil and the United States after President Trump announced a steep 50% tariff on Brazilian imports, set to take effect August 1. In response, Brazilian President Luiz Inacio Lula da Silva vowed to retaliate with equivalent countermeasures, invoking a newly passed law that permits proportional responses to foreign economic actions.
Trump’s tariff announcement cited both economic grievances and political motivations, including Brazil’s prosecution of former President Jair Bolsonaro, a Trump ally. The letter Trump sent to Lula accused Brazil of undermining free speech and digital trade, though his claims conflict with U.S. government trade data showing the U.S. actually runs a $7.4 billion goods surplus with Brazil. Following the announcement, Brazil’s currency, the real, fell over 2% against the dollar.
