President Trump took aim at Brazil overnight, a world leader in agriculture. He has ordered stronger tariffs, putting their baseline rate at 50 percent starting tomorrow. Brazil imports goods like oil, iron, and coffee to the United States.
However, goods like orange juice, wood pulp, and fertilizer would be marked as safe under the executive order. To levy these level of tariffs, President Trump used the same emergency orders he used with Canada and Mexico, over their alleged roles in fentanyl smuggling. Trump argues political actions in Brazil are hurting U.S. interests, but some lawmakers are ready to fight back. Virginia Senator Tim Kaine tells AgriPulse that he will file a challenge as soon as the order is recorded with the Senate.
South Korea is the latest nation to strike a deal with Trump. He says the country will be completely open to trade, eventually taking in U.S. products like agriculture goods and vehicles. Their baseline tariff will be 15 percent on goods entering the U.S. They have also committed to buying around $100 billion of liquid natural gas. South Korea was set to face a 25 percent baseline tariff without this deal in place.
Just this week, the President posted on social media that tomorrow’s August 1st deadline stands strong and will not be extended. Even though the deadline is less than 24 hours away, discussions are still ongoing. Treasury Secretary Scott Bessent, alongside U.S. Trade Representative Jamieson Greer, have had talks with China. Greer says they laid it all on the table, making clear the areas needing attention.
“Reduce U.S. deficits, increase manufacturing, and restore our economy. We made sure that they understood that these are the goals, and what the president is trying to do. And again, we expressed, you know, our satisfaction that many of our major trading partners have come along with this,” said USTR Greer.
As of right now, Greer notes the trade deficit with China will fall at least $50 billion this year.
Several other countries have secured deals up to this point. Those include the UK, Vietnam, Indonesia, the Philippines, Japan, and the European Union. China has until August 12th to reach a deal before higher tariffs kick back in. Mexico and Canada both have yet to secure a deal, along with India and Australia.
