Trump says BRICS nations may face 'additional' US tariffs
Deborah Elms, head of trade policy at the Hinrich Foundation, explains why Trump has called BRICS nations 'anti-American' and said he'll impose higher tariffs on members.
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US State Department begins layoffs in Trump's shake-up of diplomatic corps
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Al Jazeera
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Al Jazeera
9 hours ago
- Al Jazeera
Trump's new Brazil tariffs could raise US beef prices
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That could lead to higher prices for certain beef products, particularly ground beef and hamburger meat. This comes at a time when the US cattle herd is at the lowest level in many decades, demand for beef is strong, and as a result beef prices are up,' David Ortega, a food economist and professor at Michigan State University, told Al Jazeera. The 50 percent tariff would bring the rate on Brazilian beef to about 76 percent for the rest of the year, Reuters news agency reported, citing livestock analysts. Some domestic trade groups, including the National Cattlemen's Beef Association (NCBA), have praised the White House for the looming tariffs. 'NCBA strongly supports President Trump holding Brazil accountable with a 50 percent tariff,' NCBA Executive Director of Government Affairs Kent Bacus said in a statement provided to Al Jazeera. 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JBS and Marfrig, two of Brazil's largest beef producers, also did not reply to a request for comment. Markets respond Stock markets have been relatively muted in their response to Trump's tariff announcements this week. At the market close, the Dow Jones Industrial Average tumbled 0.6 percent, and the S&P 500 is down 0.33 percent for the day. The Nasdaq Composite Index is down 0.2 percent. JBS, which also has substantial beef production operations in the US, made a $200m investment earlier this year to expand two facilities in the US. The company's stock is up 0.4 percent for the day despite the challenges the tariffs will pose to its Brazilian beef business. Marfrig is down 3.98 percent for the day, although this comes as the company postponed a shareholder meeting for the second time for an unrelated pending acquisition of a poultry and pork processor.
