Japan's Princess Kako addresses Brazil's Congress, meets with Lula in presidential palace
The younger daughter of Crown Prince Fumihito and Crown Princess Kiko also addressed Congress and thanked Brazilians for hosting Japanese immigrants for more than a century. Her trip, which started on June 5, marks the 130th anniversary of diplomatic relations between the two countries.
'The efforts of the Japanese who came, and the Brazilians who went to Japan, are deepening our bilateral relationship of friendship,' Kako told Brazilian lawmakers. 'I hope that the relationship between the two countries is a long lasting one.'
Congress speaker Hugo Motta told the princess he hopes Brazil's ethanol 'can help Japan reduce its dependency on fossil fuels.'
Brazil has the largest population of people of Japanese descent in the world, estimated at about 2.7 million. About half of those live in Sao Paulo state, official figures show, where the princess last week received the state's highest honor from Gov. Tarcisio de Freitas.
Emperor Naruhito has no male children, which makes his brother Akishino, Princess Kako's father, the first successor in line. Japan's tradition does not allow women to take the throne.
Princess Kako will arrive in Rio de Janeiro on Friday, where she will visit the Christ the Redeemer statue and a museum of Japanese immigration. The last part of her trip will take place in the city of Foz do Iguacu, where the world famous Iguacu falls are located.
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CNN
3 hours ago
- CNN
Trump puts 50% tariffs on Brazil and copper while eliminating another tax loophole
President Donald Trump on Wednesday said the White House was 'very busy' crafting its trade policy as the clock ticks down on his self-imposed August 1 deadline. At that point, America could fundamentally reshape the way it does business around the world. Trump signed executive actions on Wednesday imposing a 50% tariff on Brazil, a 50% tariff on certain copper products and suspending a tax perk for all countries that allowed cheap packages to fly into the US duty-free. He also announced in a Truth Social post that his administration has a trade framework in place with Pakistan, although details were thin. Trump said the agreement, if completed, would include developing Pakistan's oil reserves with a yet-to-be-named oil company. And Trump said his administration will meet with a South Korean trade delegation Wednesday afternoon. South Korea has been long expected to be among the next countries in line to hammer out a trade framework with the United States. Taken together, the moves represented a significant expansion of the Trump's administration's trade war, which could increase the prices that US consumers pay on certain goods. Trump had previously threatened to impose the 50% tariff on Brazil effective August 1 in a letter he sent earlier this month to the country's president, Luiz Inácio Lula da Silva. In that letter, Trump threatened the hefty tariff if Brazil did not end its trial against right-wing former president, Jair Bolsonaro. The order that Trump signed on Wednesday, which increases Brazil's tariff by 40 percentage points, effective early next month, accuses the Brazilian government of 'serious human rights abuses that have undermined the rule of law in Brazil.' The new tariff on Brazil appeared to be spurred by non-economic matters. Bolsonaro, who has bragged about his closeness with Trump, is facing trial for allegedly attempting to stage a coup against Lula. Trump has publicly objected to that proceeding, and his order alleged Bolsonaro's prosecution was 'politically motivated.' 'The Order finds that the Government of Brazil's politically motivated persecution, intimidation, harassment, censorship, and prosecution of former Brazilian President Jair Bolsonaro and thousands of his supporters are serious human rights abuses that have undermined the rule of law in Brazil,' the order reads. The announcement of the increased tariff rate comes the same day that the United States is sanctioning Brazilian Supreme Court Justice Alexandre de Moraes, 12 days after announcing visa restrictions against him and other court officials over Bolsonaro's trial. However, Trump's order appears to have more bark than bite. It exempts most of Brazil's most significant exports to the United States, including orange juice, Embraer aircraft, oil, coal, minerals, various chemicals and Brazil nuts. Coffee, though, will face the higher tariff. Trump has sought other ways to punish Brazil for Bolsonaro's prosecution as well. On Wednesday the US imposed sanctions against Brazilian Supreme Court Justice Alexandre de Moraes for what it considers 'serious human rights violations.' The sanctions come almost two weeks after the US State Department announced visa restrictions for Moraes and other court officials, accusing them of carrying out a 'political witch hunt' against Bolsonaro. In a separate presidential proclamation, Trump imposed 'universal 50% tariffs on imports of semi-finished copper products,' including pipes, wires, and sheets, and 'copper-intensive derivative products,' the White House said in a fact sheet. It characterized the move as critical for US national security, saying that Trump 'is leveling the playing field for U.S. copper businesses to support a strong domestic copper industry.' Those new tariffs will go into effect August 1, and include exceptions for copper products already subject to the president's auto tariffs. Copper is a crucial component in a variety of goods, including electronics, machinery and cars, and tariffs on the source material could make those products more expensive. The US imported $17 billion worth of copper last year, according to US Commerce Department data. Chile was the largest foreign supplier of the metal, shipping $6 billion worth of it to the US last year. Investors and businesses had largely been anticipating a copper tariff, but were uncertain about the scope of the tariffs and which forms of the red metal it would apply to. The tariffs will impact semi-finished copper products like copper pipes and copper-intensive derivate products like cables, the White House said. However, the tariffs will not impact refined copper, a critical input for manufacturing. Copper prices in New York plunged 19% on Wednesday as markets were relieved the White House exempted refined copper. 'This announcement indicates the copper tariffs are much more limited in nature than the market originally understood,' Rob Haworth, senior investment strategist at U.S. Bank Asset Management, said in an email. Copper prices were on pace for the biggest single-day drop on record, according to FactSet. Prices had surged to record highs this year as companies stockpiled copper ahead of Trump's tariffs. Finally, Trump suspended a tax perk for all countries known as the 'de minimis exemption,' which allowed duty-free shipments of goods worth $800 or less. Trump had previously targeted the exemption in the US-China trade war, but the latest move closes the option of back-door shipments through other countries. That will particularly impact e-commerce giants like Shein and Temu. The executive order noted that Americans returning from travel abroad can still bring back up to $200 in personal items or can receive gifts valued at $100 or less duty-free. Customs and Border Protection previously told CNN it currently processes 'nearly 4 million duty-free de minimis shipments a day.' Research indicates that a majority of those shipments come from China and Hong Kong. In total, over the last fiscal year, CBP said 1.36 billion packages came to the US under the de minimis exemption. The Trump administration slashed the de minimis exemption on China in May, cutting the tariff on those cheap packages from 120% to 54% and slashing the rate from 145% to 30% for packages from commercial carriers. As part of Trump's 'Big Beautiful Bill,' the de minimis rule was slated to be repealed for all countries in July 2027, and the bill even established a civil penalty up to $10,000 for more than one violation of the rule. That was expedited with Trump's suspension, which will be effective August 29. This headline and story have been updated with additional developments. CNN's Michael Rios and Jennifer Hansler contributed reporting.
Yahoo
4 hours ago
- Yahoo
Trump issues blitz of tariff announcements on copper, Brazil, South Korea, small-value imports
By Ernest Scheyder, David Shepardson, Gabriel Araujo and Ju-min Park (Reuters) -U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements ranging from changes to previously threatened levies on imports of copper, goods from Brazil and South Korea, to ending an exemption from tariffs for small-value shipments from overseas. The wave of announcements came as the clock ticked down toward an August 1 deadline for higher U.S. tariff rates, as Trump presses on with his bid to reshape global trade. Capping a day that began with Trump announcing a 25% tariff rate on goods from India, after months of negotiations between Washington and New Delhi failed to produce a trade deal, Trump said a 50% tariff on copper pipes and wiring would kick in on Friday. Trump plans to sign new executive orders on Thursday imposing higher tariff rates on several countries that have been unable to reach negotiated trade deals with the United States, Politico reported, citing a White House official. Details of the copper levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. The surprise move dragged down U.S. copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. "Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy," said Tom Price, an analyst at the London brokerage Panmure Liberum. "Someone must have finally got through to (Trump) that the U.S. economy simply can't afford this new trade-hit." Trump first teased the copper tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet the proclamation released by the White House said the tariff will apply only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. The move aids manufacturers, but does little to boost the constrained U.S. copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. BRAZIL 'NOT WORST-CASE SCENARIO' Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from the heavier levies. That came as a relief for many in Brasilia, who since Trump announced the tariffs had been urging protections for major exporters caught in the crossfire. Shares of planemaker Embraer and pulpmaker Suzano rose. "We're not facing the worst-case scenario," Brazilian Treasury Secretary Rogerio Ceron told reporters. "It's a more benign outcome than it could have been." The new tariffs will go into effect on August 6, not August 1 as Trump announced originally. SOUTH KOREA 'SHIPBUILDING DEAL' Trump also announced the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, had faced a 25% rate. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump wrote on Truth Social, shortly after he met with South Korean officials at the White House. Trump said Seoul had agreed to invest $350 billion in the United States in projects selected by him and to purchase $100 billion of liquefied natural gas and other energy products. South Korean Finance Minister Koo Yoon-cheol said on Thursday that a shipbuilding partnership package dubbed "Make America Shipbuilding Great Again" was key to the tariffs agreement. The shipbuilding partnership worth about $150 billion will be led by South Korean shipbuilders to rebuild the U.S. shipbuilding industry, Koo said. The other $200 billion would include funds for chips, nuclear power, batteries, and biologics, Kim Yong-beom, policy chief from the South Korean presidential office, told a briefing. U.S. Commerce Secretary Howard Lutnick said on X that the South Korean energy purchases would take place "over the next 3.5 years." 'DE MINIMIS' The White House also said the United States is suspending a "de minimis" exemption that allowed low-value commercial shipments to be shipped to the United States without tariffs. Under Trump's order, packages valued at or under $800 sent to the U.S. outside of the international postal network will now face "all applicable duties" starting on August 29, the White House said. Trump earlier targeted packages from China and Hong Kong. The tax-and-spending bill recently signed by Trump repealed the legal basis for the de minimis exemption worldwide starting on July 1, 2027. Goods shipped through the postal system will face one of two tariffs: either an "ad valorem duty" equal to the effective tariff rate of the package's country of origin or, for six months, a specific tariff of $80 to $200 depending on the country of origin's tariff rate.
Yahoo
5 hours ago
- Yahoo
Why Trump's tariffs on Brazil are more about political retaliation than trade
Brazil thought it had gotten off lightly on the Trump tariff front. In April, US President Donald Trump announced that Brazilian goods imported to the US would face tariffs of 10% - the lowest base rate applied to most countries. Now, as the 90-day pause on those and other targeted US tariffs is set to expire, Trump has raised Brazil's rate to a whopping 50% – potentially launching a trade war with Latin America's biggest economy, which sells large amounts of beef, coffee, steel and other products to the United States. The announcement on Wednesday means Brazil will face one of the highest US tariff rates in the world, at least so far. But this new policy isn't even really about trade. Earlier this month, Trump claimed the US runs a trade deficit with Brazil. In fact, it runs a multimillion-dollar surplus, meaning the United States sells more to Brazil than it buys. This new tariff rate isn't about levelling a trade playing field. It's political, and part of a growing feud between the US and Brazil. President Trump has framed these tariffs as retaliation over the prosecution of his ally, right-wing former Brazilian President Jair Bolsonaro. Bolsonaro is facing trial over an alleged coup attempt after losing the 2022 presidential election, when his supporters stormed government buildings in Brasilia. The case includes claims of a plot to kill President Luiz Inacio Lula da Silva, who won the race. Bolsonaro denies the charges and Trump has slammed them as a "witch-hunt". Much of the US administration's ire has been directed at Alexandre de Moraes, the Brazilian Supreme Court judge in charge of investigating Bolsonaro. In announcing the tariff hike, the White House also accused Brazil of "actions harming US companies", targeting the "free speech rights of US persons" and what it described as Brazil's "politically motivated persecution, intimidation, harassment, censorship and prosecution" of Bolsonaro. The "actions" and "free speech rights" mentioned in the White House statement are probably references to Moraes's previous court orders for some social media companies to shut down accounts associated with the former president, which Moraes accused of spreading harmful disinformation. Moraes is renowned in Brazil for his actions targeting misinformation. Last year, he temporarily shut down Elon Musk's X in Brazil– one of the platform's largest markets – for failing to appoint a legal representative in the country after he ordered the suspension of dozens of accounts for spreading disinformation, which Musk called "censorship". In Brazil, some hail Moraes as a champion of democracy. Others share Bolsonaro's view that he is "authoritarian", or even a "dictator", in Musk's words. Earlier this year, Trump's own media group, which operates his Truth Social platform, sued the Supreme Court judge over censorship accusations. Shortly before the tariff announcement, the US also imposed sanctions on Moraes and issued him and his family with a visa ban. Some analysts argue this row over policing social media companies is itself a trade issue. Fabio Andrade, a political scientist and professor of international relations at The Higher School of Advertising and Marketing in Brazil, argued the motivations for tariffs are "not solely" political. He said big tech companies are important in the US economy and were "crucial in financing Trump's campaign" and could now face significant cost increases from increased regulation in Brazil. But these new US tariff and sanction policies are also partly the result of a long campaign by the former president's son Eduardo Bolsonaro, who has spent the last few months lobbying US officials on his father's behalf. Moraes has ordered that Eduardo, a federal lawmaker, be investigated for alleged obstruction of justice, and has instructed Jair Bolsonaro to wear an electronic ankle tag ahead of his trial, to comply with a curfew, to stay off social media and to avoid contacting his son. To support his friend, Trump has slapped Brasilia with these tariffs, sanctions and visa bans - all designed to exert pressure on Brazilian authorities to back down on criminal proceedings against Bolsonaro. So far, they don't seem to be working – and could harm both nations in the meantime. Left-wing President Lula has repeatedly rejected the moves and dismissed them as foreign interference, defending the Supreme Court's moves as judicial independence and urged the US to negotiate. "The interference of the American government in Brazilian justice is unacceptable," Lula said on Wednesday in response, adding that while the country remained open to negotiating with the US on trade, it was preparing measures to "protect Brazilian workers, companies, and families". Relations remain icy – Lula and Trump have never even exchanged a phone call. On the upside for Lula, he has enjoyed an opinion poll bounce domestically as he responds to Trump's tariff threats, similarly to Canada's Mark Carney. He has even taken to wearing a blue cap, not dissimilar to Trump's red "Make America Great Again" one, which says "O Brasil é dos brasileiros" or "Brazil belongs to Brazilians". In fact, some analysts in Brazil say these tariffs, imposed on Bolsonaro's behalf, could backfire on the former president, who is currently barred from running again in next year's presidential election. Not least because some producers – including those more likely to support Bolsonaro – will be severely impacted by the new rate. Brazil has an enormous agriculture business and sells a lot of beef, oil and steel products to the US. The US gets about a third of its coffee and more than half its orange juice from Brazil, including through major brands like Tropicana and Starbucks. Some items - including many oils, orange juice and some aircraft parts - have been excluded from the tariffs for now. But the new 50% tariff rate – set to take effect in October – will likely make other goods more expensive for Americans as companies pass on higher costs to consumers, and that Brazilian producers will have to absorb some of the higher prices themselves. Brazil may seek new buyers globally, but exporters say that won't offset the short-term impact. Cecafé, Brazil's coffee exporters' council, said the impact on Brazilian roasters and exporters will be "significant", and to expect price hikes for Americans, too, as the US is Brazil's largest coffee customer. Brazilian producers and exporters are making contingency plans in anticipation of the 50% tariffs. But those I've spoken to stress that replacing US trade will not be possible in the short term. Cecafé told me it wouldn't be easy to find other markets for the 8.1 million tonnes of coffee currently exported to the US, which would require an increase in demand from other countries. New markets are opening to Brazil in Asia, which imported 19.4% more Brazilian coffee last year, as Arab countries also imported 31.5% more, according to Cecafé, but these increases are not enough to absorb any potential US shortfall. What's not clear yet is Brazil's next move: Will Brasilia and Washington negotiate a new deal, as other nations have? Or will Brazil retaliate, turning this spat into a mutual trade war? Lula says he won't be intimidated. Trump shows no sign of backing down. Both are big personalities, with supporter bases from opposite ends of the political spectrum to impress. What (else) could go wrong? Trump hits Brazil with 50% tariffs and sanctions judge in Bolsonaro case Brazilian Supreme Court justice threatens to arrest Bolsonaro Trump announces deal to impose 15% tariff on South Korea Trump to hit India with 25% tariffs - plus 'penalty' for trade with Russia
