President Donald Trump announced Wednesday he planned to hit Brazil with a 50% tariff, in part due to the treatment of its former president and his political ally, Jair Bolsonaro.

Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated.

The truth-challenged ex-congressman suggested that the House Speaker is preventing President Donald Trump from pardoning him for federal wire fraud and aggravated identity theft. She's a four-time Grammy and 18-time Latin Grammy winner.

President Donald Trump announced a 50% tariff to punish Brazil. What else to know: Trump released another flurry of tariff threat letters. And he praised the “good English” of the leader of Liberia, where English is the official language. Federal workers fear Trump will fire them following a Supreme Court ruling.

The exchange with the South American nation suggests the U.S. president also sees trade as a tool to influence other policies of foreign countries.

In a letter to Brazilian President Lula da Silva, Trump declared a 50% tariff on all imports from Brazil, warning that any retaliatory tariff increases would be added to the initial 50%.

The levy is the highest announced so far in Trump’s letters to world leaders this week, and comes after he wrote a lengthy message supporting the former Brazilian leader.

Live updates and the latest news as the Trump administration is expected to announce new trade actions and Pete Hegseth and Benjamin Netanyahu meet