The US also imposed a 50% tariff on Brazil after Trump accused it of "attacks" on US companies and of conducting a "witch hunt" against Bolsonaro.

By bnl Sao Paulo bureau Brazil faces potential losses of up to BRL175bn ($31.7bn) over the next decade if the US follows through on plans to impose 50% import tariffs on Brazilian goods. The tariff threat has already triggered a Supreme Court investigation into suspected insider trading in foreign exchange markets,