Trump twinned his threat to Brazil with the promise of a 50% tariff on copper, which would strike at the economic lifeline of two more Southern neighbors, Chile and Peru. The president capped his week by setting a 30% tariff on Mexican imports as of Aug. 1.

The only economic rationale mentioned in Trump’s letter, that of a deficit that his country is said to face with Brazil, is belied by the numbers. The U.S. has sustained consistent surpluses in trade with the South American nation for close to two decades now.