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

The highlight of his letter barrage late Wednesday was his announcement of a coming 50% tariff on goods from Brazil in a letter sent to its president, Luiz Inácio Lula da Silva. Trump cited the country’s treatment of former President Jair Bolsonaro, who is on trial in Brazil’s Supreme Court on charges that he plotted a coup in 2022.

“This Trial should not be taking place,” Trump said. “It is a Witch Hunt that should end IMMEDIATELY!”

Trump earlier on Wednesday had dictated coming tariff rates to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Those tariffs ranged from 20% to 30% and came in mostly in line with the duties he had announced on those countries’ imports back in April’s “Liberation Day” event.

Trump had posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%.

Meanwhile, Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals. On Wednesday, COMEX copper (HG=F) futures fell over 3% after initially jumping on Trump’s announcement.

Elsewhere, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.

Here is where things stand with various other partners:

Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.

European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.

Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

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Trump comes to Bolsonaro’s defense in tariff letter imposing 50% duties on Brazil President Trump added Brazil to the list of countries receiving tariff letters today, though he diverged from the usual template. Instead of citing the US’s trade imbalance, Trump issued the letter in service of former President Jair Bolsonaro, who is facing charges of planning a coup after he lost the 2022 election and potentially prison time if convicted by Brazil’s Supreme Court. “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,” Trump wrote in the letter. “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!” Trump stated that starting Aug. 1, imports from Brazil to the US will face a 50% tariff. In another divergence from recent tariff announcements, which have largely tracked “Liberation Day” tariffs, the 50% rate on Brazilian goods is far higher than the 10% announced in April. Brazil previously had a lower tariff rate because it is one of the few countries with which the United States has a trade surplus. In the first three months of the year, the US exported $650 million more in goods to Brazil than it imported.

Presidents of Mexico, Chile respond to Trump’s copper tariff announcement Mexico’s President Claudia Sheinbaum said on Wednesday that the country could redirect the copper it sends to the US to other markets to avoid potential tariffs from the Trump administration. Meanwhile, Chilean President Gabriel Boric called for “official” communication on the copper tariffs Trump mentioned during a Cabinet meeting on Tuesday. Reuters reports: Read more here.

Trump posts new batch of tariff letters President Trump promised seven letters today. Late this morning, he posted to: Philippines Brunei Moldova Algeria Iraq Libya Sri Lanka Most are roughly in line with duties he announced on “Liberation Day.” You can see a full breakdown of the new tariffs Trump has announced here (remember, these are announced, but they take effect Aug. 1):

Trump’s BRICS warning to India adds new twist to possible trade deal President Trump is hoping to reach a trade deal with India, touting the potential for months since his April tariff pause. But the latest twist in the president’s topsy-turvy trade policy, which he himself introduced this week, could complicate things. Bloomberg reports: Some added intrigue: India will assume BRICS chairmanship next year. Read more here.

Trump delayed reciprocal tariffs after Bessent wanted more time on deals President Trump decided to delay his reciprocal tariffs to Aug. 1 after discussions with Treasury Secretary Scott Bessent. Bessent and others told the president that he could get trade deals with more time, according to an exclusive report in the Wall Street Journal on Wednesday. Bessent and other advisers within the Trump administration felt that they were making progress on several deals with trading partners, which included India and the European Union. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day. Trump had talked about ending tariff deals and letting the tariffs take effect. But after Bessent told him some deals were nearly done, but needed more time, Trump changed his mind. Bessent was also the one who convinced Trump to pause his April ‘Liberation Day’ tariffs for 90 days after they shook global markets. As a result, Trump sent out letters along with the delay as a negotiating tactic to salvage last-minute concessions from trading partners, according to the WSJ report. On Tuesday, Trump reinforced his copper tariff threat — which he initially introduced in February, and said that he would impose 50% tariffs on copper and up to 20%% tariffs on pharmaceuticals. Trump went further on Tuesday evening by saying he will be releasing more letters on Wednesday. “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!” Trump also said it would be impossible for every country to get a deal to avoid reciprocal tariffs. “We got 200 countries. We can’t meet with 200 countries,” he said during the meeting.

EU is pushing for early US tariff relief, ‘stand-still’ clause: Senior lawmaker The European Union may be getting closer to securing a trade agreement with the United States, according to the the head of the European Parliament’s trade committee. But the trade bloc is struggling to obtain immediate tariff relief and a commitment from the US not to introduce new measures. European Commission President Ursula von der Leyen also said on Wednesday that it is working closely with President Trump’s administration to reach a deal. “We stick to our principles, we defend our interests, we continue to work in good faith, and we get ready for all scenarios,” von der Leyen told the European Parliament. Reuters reports: Read more here.

US used car prices surge as tariffs drive market volatility Reuters reports: Read more here.

Trump promises more tariff letters and warns BRICS of what’s coming President Trump took to Truth Social again on Tuesday and amped up his trade threats, promising to unveil tariffs on at least seven countries on Wednesday. He posted: “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon.” Commerce Secretary Howard Lutnick told CNBC earlier on Tuesday that 15 to 20 letters are expected to be sent over the next two days. The latest warning came as Trump vowed to put a 10% levy on imports from BRICS nations on Monday. He also revealed plans for a 50% tariff on copper imports and a 200% import tax on pharmaceuticals. The US president posted 14 letters on Truth Social that he had sent to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%. This message was reinforced on Tuesday with Trump saying that there will be no extensions and payments will be due on Aug. 1. CNN reports: Read more here.

Trump’s copper tariff threats are already raising factory costs President Trump said he plans to place hefty import tariffs on copper (HG=F) and it has already started to cause a spike in costs for American factories, with New York futures trading 35% up year to date and 25% higher than other global benchmarks on Tuesday. On Wednesday, COMEX copper (HG=F) futures fell 2.7% to $5.49, as traders reacted to Trump’s copper tariff threat. Trump announced on Tuesday, that he planned to place a 50% tariff on copper imports, reinforcing his first threat made in February to impose targeted levies on the industrial metal. Over the last few months, the price of copper in New York has risen as buyers have raced to stock up before levies are imposed. Input costs for American manufacturers have also surged above prices that their rivals pay in the rest of the world. The disconnect reached unprecedented levels on Tuesday, as Comex futures spiked to trade at a 25% premium to the global benchmark set in London. “Any restrictions on US imports of copper cathode would merely redirect copper supply to China,” a representative for top US copper importer Southwire Company LLC said in April in written comments to the US Commerce Department, which at Trump’s request had been investigating whether to impose levies. “At the same time, US copper producers would face significant shortages of supply, particularly in the short- and medium-term, as US copper production cannot increase fast enough to fill the supply gap.” Bloomberg News reports: Read more here.

A look at the copper industry ahead of expected tariffs President Trump is expected to announce copper tariffs of 50% — matching those in place for steel and aluminum — on social media on Tuesday afternoon, concluding an investigation into imports of the metal. The move will likely affect the largest copper-producing countries, starting with Chile, the Democratic Republic of the Congo, Peru, and China. Indonesia, Russia, Kazakhstan, Mexico, Zambia, Canada, and Poland also mine sizable quantities of the metal. Shares of US-based copper miners, such as Freeport McMoRan (FCX) and Ivanhoe Electric (IE), jumped on the mention of new copper tariffs, while those with operations abroad, such as the Southern Copper Corporation (SCCO), fell on the news. Copper mining has ramped up over the past decade as increasing electricity demand has increased the metal’s demand. It’s used in transmission wires, electric vehicle batteries, and pipes, among other applications. In 2024, miners extracted 23 million metric tons of copper worldwide, and around a third of all copper globally is used for electricity grids, according to the International Renewable Energy Agency.

Copper futures surge after Trump says 50% tariff coming Copper (HG=F) futures surged Tuesday after President Trump said he would impose a 50% tariff on imports to the US. Copper futures soared over 10% at last check. Yahoo Finance’s Ben Werschkul reports: Read more here.

Boeing delivers 60 jets in June, including 8 to China, as it resumes deliveries Boeing (BA) announced on Tuesday that it had delivered 60 airplanes in June, a 27% increase versus a year earlier and 8 of those were to Chinese customers. The China deliveries were the first since the trade troubles between Washington and Beijing ended. Reuters reports: Read more here.

Trump says pharmaceutical sector may face tariff rate as high as 200% President Trump said on Tuesday that he will be announcing a new program for pharmaceutical tariffs “very soon.” He suggested that there would be a grace period for drug companies to move manufacturing to the United State before they face steep tariffs. “We’re going to give people about a year, year and a half to come in, and after that they’re going to be tariffed,” Trump said during a Cabinet meeting. “If they have to bring the pharmaceuticals into the country, … they’re going to be tariffed at a very high rate — like 200%.” Pharmaceutical stocks such as Pfizer (PFE), Amgen (AMGN), and AbbVie (ABBV) dipped on Trump’s comments, though they remained in the green. Trump also noted that he plans to unveil similar programs for chips and other sectors.

US to send EU tariff letter in two days, Trump says President Trump said that his administration is two days away from sending a letter to the European Union outlining a new tariff rate. “They were among the toughest to deal with,” Trump commented, adding: “Actually, in many respects, they were much worse than China. … We’re probably two days off from sending them a letter. We are talking to them.” On Monday, Politico reported that the US and EU were nearing a deal that would leave 10% baseline tariffs in place. The EU has also been seeking carve-outs for certain sectors, such as aircraft and spirits. The Trump administration pushed back the deadline to complete negotiations to Aug. 1. As to the other deals currently in the works, Trump stated that he preferred the letters to ongoing parleys. “We have a lot of them going on, but the deals are mostly my deal to them,” Trump said. “We could make a lot more deals. … It’s just too time-consuming. It makes it more complicated.” “I just want you to know a letter means a deal,” Trump added later. “You have to do it in a more general way, but it’s a very good way.”

Trump says 10% tariff on BRICS nations will be announced ‘pretty soon’ President Trump reiterated his threat that nations that join BRICS — the intergovernmental organization that includes Brazil, Russia, India, China, and South Africa — and engage in policy to reduce the dollar’s dominance will soon face an additional tariff of 10%. “Anybody that’s in BRICS is getting a 10% charge … pretty soon,” Trump told reporters on Tuesday during a Cabinet meeting. “If they’re a member of BRICS, they’re going to have to pay a 10% tariff just for that one thing.”

2 negotiations most in focus: India and the EU While the 90 deals in 90 days hasn’t materialized, the 14 letters sent out Monday detailing new tariff rates — and additional ones expected today — offer a new jolt to trade talks. And over the next week, the European Union and India will be in particular focus as the Trump administration makes progress on deals. Yahoo Finance’s Ben Werschkul reports: Read more here.

US ocean imports from China tumbled 28% in June on tariff hikes US imports of contanerized goods from China fell 28.3% in June versus the same period last year, after higher tariffs on goods extended a steep drop that began in May, according to supply chain technology provider Descartes. Reuters reports: Read more here.

President Trump on new tariff deadline: ‘No extensions will be granted’ after Aug. 1 President Trump posted on Truth Social that the US will begin collecting tariff revenue for the “letter” tariffs beginning on Aug. 1. He also stressed that he will not grant any tariff pause extensions after that date. “As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025,” Trump wrote. “There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted. Thank you for your attention to this matter!” Trump’s social media post echoes his sentiment last Thursday, when he told reporters, “As far as I’m concerned, we’re done.” When asked if tariff rates could change again in the next month, Trump added, “I would say firm but not 100% firm.” As my colleague Ben Werschkul pointed out, some market participants have taken the letters as a hawkish signal that at least some of these tariffs will remain in effect. Stocks edged lower in morning trading Tuesday as investors assessed whether Trump might dial back tariffs again. Read more here.

Amazon sellers curb Prime Day discounts with tariffs taking bite Today marks the start of Amazon Prime Day (AMZN), a shopping event exclusively for Prime members, where they can access deals on a wide range of products. Amazon Prime Day typically lasts four days but tariff-related price worries have meant that Amazon may have to extend its annual sales event and start offering new membership perks to Gen Z shoppers. Prime day, which has been running for 11 years, promises a flurry of summer deals and starts at 3:01 ET. Amazon has said that it will have deals dropping every 5 minutes during certain periods over the next few days. But reports have said that some Amazon retailers will be sitting this years event out due to President Trump’s tariffs. “Prime Day will provide an early indication on consumer appetite, especially in categories like apparel, electronics and TVs, where price drops are expected to be the deepest,” said Vivek Pandya, lead analyst at Adobe Inc., which expects Amazon and other US retailers to generate $23.8 billion in online sales during the four-day event. Some hope the event will provide a glimpse into how much consumers are spending and what they are buying amid mixed signals around the US economy. “Prime Day will be quite a test,” said Romain Fouache, the CEO of Akeneo, which sells software used by online merchants. The firm conducted a survey of 1,000 US shoppers showing that 1 in 4 respondents planned to skip Prime Day due to tariffs while 57% said they would more closely monitor prices. Read more here.

A look at the countries that received Trump’s tariff letters Here’s a look at the 14 countries that got tariff letters on Monday, as well as their key exports to the US and response, per the AP: Myanmar: Key exports include clothing, leather goods, and seafood. Laos: Key exports include shoes with textile uppers, wood furniture, electronic components, and optical fiber. Cambodia: Key exports include textiles, clothing, shoes, and bicycles. Thailand: Key exports include computer parts, rubber products, and gemstones. Response: Thailand’s Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariffs negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft. Bangladesh: Key exports include clothing. Response: Bangladesh’s finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh’s garment exports less competitive with countries like Vietnam and India. Serbia: Key exports included software and IT services and car tires. Indonesia: Key exports include palm oil, cocoa butter, and semiconductors. Bosnia and Herzegovina: Key exports include weapons and ammunition. South Africa: Key exports include platinum, diamonds, vehicles, and auto parts Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the US, but it would “continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States” after having proposed a trade framework on May 20. Japan: Key exports include autos, auto parts, and electronics. Response: Japanese Prime Minister Shigeru Ishiba called the tariff “extremely regrettable” but said he was determined to continue negotiating. Ishiba said Trump’s tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations. Kazakhstan: Key exports include oil, uranium, ferroalloys, and silver. Malaysia: Key exports include electronics and electrical products. Response: Malaysia’s government said it will pursue talks with the US A Cabinet meeting is scheduled for Wednesday. South Korea: Key exports include vehicles, machinery, and electronics. Response: South Korea’s Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax on its exports goes into effect. Tunisia: Key exports include animal and vegetable fats, clothing, fruit and nuts. Read more here.