Brazil's government expects the 50% tariff U.S. President Donald Trump announced earlier this week on all goods from the South American country to have little impact on its economic growth this year,

Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

Critics say the tariff on Brazil could further erode the Trump administration's credibility as it pursues an aggressive trade agenda.

The president said the blanket 35% would be on top of tariffs on certain sectors. That’s higher than the previous 25% rate.

President Donald Trump is heading to Texas with first lady Melania Trump to survey flood damage to tour areas devastated by flash flooding.Late Thursday, Trump announced that a 35% tariff rate would go into effect on Canada starting Aug.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but have also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he would hammer out bilateral deals with trade partners.

President Donald Trump has sent letters this week outlining higher tariffs countries will face if they don’t make trade deals with the U.S. by Aug. 1.