Brazilian President Lula da Silva threatens retaliatory tariffs against the US if President Trump imposes increased import taxes due to Bolsonaro's trial. Lula aims for negotiation but warns of reciprocal measures.

In a significant escalation of trade tensions, US President Donald Trump has threatened Brazil with 50% tariffs on their imports to the United States. The tariff threat seems like a regular part of Donald Trump’s playbook,

Earlier on Wednesday, Trump imposed tariffs of between 25 per cent and 30 per cent on Algeria, Brunei, Iraq, Libya, Moldova, the Philippines and Sri Lanka. The letters followed threats of 25 per cent tariffs on Japan and South Korea, among others, on Monday.