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Investing.com -- The Trump administration is preparing a new emergency declaration to impose tariffs on Brazil, according to a report from Bloomberg, citing people familiar with the matter.
This declaration would provide the legal basis for President Donald Trump’s threatened 50% tariff on Brazilian imports, which is scheduled to take effect August 1. Unlike other countries targeted with reciprocal tariffs, Brazil currently runs a trade deficit with the United States rather than a surplus.
The Office of the U.S. Trade Representative confirmed plans for a separate emergency declaration during meetings with congressional staff this week, one source said. All sources spoke on condition of anonymity due to the private nature of the negotiations.
The move signals the administration’s search for legal authority to implement Trump’s expanding tariff agenda. The president announced the potential 50% tariff on Brazil as a show of support for his ally Jair Bolsonaro, Brazil’s president.
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