Brazil’s president, Luiz Inacio Lula da Silva, had just returned to his office from a meeting with Indonesia’s prime minister when the reports began blaring on TV. Donald Trump was threatening to impose 50% tariffs on Brazil if its Supreme Court didn’t immediately dismiss coup attempt charges against his ally,

President Lula announced a new interministerial committee to coordinate trade countermeasures after US President Trump imposed a 50% tariff on Brazilian imports, citing political disputes involving Bolsonaro.

Brazil’s onerous taxes and political turmoil make investors wary, but an international court ruling could change their minds.