US Launches Trade Investigation Against Brazil
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Trump, Brazil and Lula
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Brazil on Wednesday urged the U.S. to respond to a trade proposal submitted in May, reaffirming its openness to a "mutually acceptable" deal after U.S. President Donald Trump announced a 50% tariff on Brazilian goods starting in August.
Trump's Aug 1 trade deal deadline is looming. Meantime, video streamer Netflix and food maker PepsiCo both said that a weaker dollar is boosting earnings from sales made overseas.
Trump launches investigation into Brazilian digital trade practices in on-going battle with Brazil over the dollar's hegemony
The fight is rooted in years of political history between President Trump and the last two presidents of Brazil.
Nobel Prize-winning economist Paul Krugman believes tariffs President Trump has threatened to impose on countries, including Mexico and Brazil, are here to stay and will cost U.S. consumers.