The Brazilian real steadied at 5.57 per USD, holding near its weakest since early June, after President Trump’s surprise 50% tariff on Brazilian exports came with carve-outs, including orange juice, pulp, energy products and aircraft parts, easing fears that entire swaths of the economy would be swept into the levy. By sparing key agricultural and industrial inputs, the exemptions have tempered the shock to Brazil’s trade flows and corporate margins even as the US dollar remains firm near two-month highs on robust Q2 GDP, resilient labor data and Fed guidance to keep rates on hold. At home Copom’s commitment to a 15% Selic and steady inflation expectations continue to underpin Brazil’s still-generous rate premium and attract carry-trade flows.