Brazil’s Ibovespa fell 0.7% to close at 133,071 on Thursday, as a convergence of external and domestic headwinds pressured equities. President Trump’s surprise 50% tariff on most Brazilian exports, despite exemptions for key sectors,raised concerns over margins and supply-chain stability, while fading hopes for a September Fed rate cut and sticky US core PCE inflation weighed on global risk sentiment. Domestically, June’s R$47.1 billion primary deficit deepened fiscal concerns. Meanwhile, the Central Bank’s signal that the Selic will remain at 15% “for a very prolonged period” dashed hopes of monetary relief, dragging on rate-sensitive stocks. Ambev tumbled 5.7% after disappointing results, leading losses alongside banks, retailers, and commodity exporters.