In a letter posted to his social media account, Trump said he was making the change “due in part to Brazil’s insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans.”The Brazilian real slumped as much as 2.

President Donald Trump said on Wednesday his administration will charge Brazil with a 50% tariff on products sent to the U.S. starting August 1 while the Republican leader also expressed support for former Brazilian President Jair Bolsonaro.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Mr. Trump said in a Truth Social post. He did not elaborate, nor did he say what BRICS policies he was referring to.