US President Donald Trump has threatened Latin America's largest economy, Brazil, with a 50% tariff on exports to the US. He also ordered an investigation into alleged unfair trade practices, which could lead to even higher duties. Trump set the August 1 tariff rate, far higher than the 10% duty imposed on Brazil on April 2. Brazil is the United States’ 15th-largest trading partner, with total two-way trade amounting to USD 92 billion in 2024, and a rare US trade surplus of USD 7.4 billion. Brazil was one of eight countries mentioned in letters Trump posted on Wednesday, which outlined potential tariff increases ranging from 20% to 30%. These included a 20% tariff on the Philippines; 25% on Brunei and Moldova; and 30% on Algeria, Iraq, Libya, and Sri Lanka. Earlier, Trump also announced plans to impose additional levies on 14 other countries, with tariff rates ranging from 25% to 40%, including Japan (25%), South Korea (25%), South Africa (30%), Indonesia (32%), and Thailand (36%).