Brazilian currency and stocks declined on Wednesday after U.S. President Donald Trump levied 50% tariffs on goods from the country, amid souring relations due to the South American country’s participation in BRICS and the trial of former president Jair Bolsonaro.

Brazil’s foreign ministry has asked the highest representative of the US government in Brasilia to explain an embassy statement echoing President Donald Trump’s claims that former leader Jair Bolsonaro is facing political persecution,

President Lula strongly opposed President Trump's tariff imposition. This was in response to Brazil's trial of Jair Bolsonaro. Lula affirmed Brazil's sovereignty and judicial independence. Trump criticized Bolsonaro's prosecution and threatened tariffs.