Tarcísio de Freitas, governor of São Paulo state and a former infrastructure minister under Bolsonaro, told reporters Thursday that the U.S. tariffs would have a negative impact on the economy and for important industrial exporters from his state, including Brazilian plane maker Embraer.

Brazilian assets saw volatility spike as traders rushed to assess the endgame of President Donald Trump’s threat to impose 50% tariffs on all goods from the South American nation.

President Donald Trump pledged a 50% tariff hike on Brazil in response to Jair Bolsonaro's attempted coup trial for breaking election laws to retain power