Trump Hikes Brazil Tariffs; Texas Flood Recovery Efforts

President Trump has threatened a 50% tariff on imports from Brazil, sparking a plunge in Brazil’s currency as tensions escalate between the U.S. and Brazil’s leftist leader Luiz Inacio Lula da Silva.

This tariff is more political than economic, aimed at pressuring Brazil to drop charges against former President Bolsonaro, rather than addressing trade imbalances — Brazil actually runs a trade deficit with the U.S.

Analysts warn the tariff could inflict harm beyond Brazil, especially the planned 50% tariff on copper starting August 1, which is critical for U.S. manufacturing sectors like automobiles and appliances.

Stephen Myron, Chair of the President's Council of Economic Advisers, said copper tariffs aim to rebuild U.S. industries, but markets doubt the full 50% tariff will be implemented as it risks raising costs widely.

This move represents a sharp escalation in the trade war with significant economic ripple effects, showing tariffs being used as a political tool.

• Flash floods in Texas killed over 100 people, with 160 still missing in hardest-hit Kerr County.
• Recovery efforts involve heavy debris clearing; calls grow for FEMA to be overhauled to better serve local needs.

• Nvidia reached a $4 trillion market valuation, the first company ever to do so.
• The company's shares surged over 1000% since early 2023, highlighting its dominance and growth potential.