Brazil's stock market slid on Thursday, but the real rebounded the day after U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated,

Mining stocks rallied in pre-market trading Thursday after President Trump confirmed the U.S. will impose 50% tariffs on global copper imports beginning August 1, the day he has scheduled his "reciprocal" tariffs to go into effect.

The local stock barometer retreated below 6,400 after spending most of Thursday in positive territory as investors priced in the United States’ latest round of tariffs, including a higher rate for the Philippines.