Kevin Hassett, a top economic advisor to President Trump, was out defending the administration's threat of a 50% tariff on imports from Brazil. The U.S. has a trade surplus with Brazil, in contrast to

National Economic Council Director Kevin Hassett defended Donald Trump’s newly unveiled 50% tariff against Brazil on ABC News' "This Week."

That is investors biggest worry about the U.S. president’s threat to slam 50% tariffs on imports from the Latin American giant. “I’m most concerned that what just happened will help Lula a lot,” said Thierry Larose,

Nobel Prize-winning economist Paul Krugman believes tariffs President Trump has threatened to impose on countries, including Mexico and Brazil, are here to stay and will cost U.S. consumers.