The Ibovespa fell 1.1% to close above the 132,000 level on Monday, as investors cautiously reduced exposure to riskier assets ahead of the US’s August 1 tariff deadline. President Trump has threatened to impose 50% tariffs on Brazilian imports, citing alleged political persecution of former President Bolsonaro and unfair trade practices, despite the US maintaining a goods trade surplus with Brazil. Tensions have been further inflamed by broader tariff threats targeting BRICS nations. Domestically, attention remained on the ongoing dispute between Brazil’s executive and legislative branches over a proposed hike in the financial transaction tax. On the corporate front, shares of Vale (-1.1%) as well as major banks, with Bradesco falling 1.1%, Ita