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Brazilian President Luiz Inácio Lula da Silva said July 10 that he will impose retaliatory tariffs on the U.S. if President Donald Trump follows through on a pledge to boost import taxes by 50%.

President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries.

U.S. buyers of copper will pay a high price if President Donald Trump pushes ahead with a 50% tariff on refined metal as opposed to products such as wiring, according to producers and analysts.

In the wide-ranging comments, Dimon also said he believes the Federal Reserve is likely to raise interest rates — even as the market indicates otherwise.

The trucking industry is wrestling with an unclear market trajectory forged through a combination of chaotic geopolitical negotiations and enduring market weakness.

President Donald Trump said the U.S. would begin levying a 50% tariff on copper imports from Aug. 1, confirming a move that will hurt U.S. producers of everything from autos to appliances.

At an earlier White House event, Trump complained that Brazil had “been not good to us.” His decision on Brazil, Trump said, was “based on very, very substantial facts, and also past history.”

Policymakers pointed to “considerable uncertainty” about the timing, size and duration of the tariffs’ potential effects on inflation, the minutes showed.

President Donald Trump unveiled a new round of tariff demand letters on July 9 with levies set to hit in August on imported goods from partners who fail to reach agreements with the U.S.

A group of small businesses that won an order finding President Donald Trump’s global tariffs illegal urged a federal appeals court to uphold that decision and block the trade levies.