🚨Brazil 🇧🇷/USA 🇺🇸: The administration is seeking a legal basis to uphold the 50% tariffs set to take effect on August 1st, according to a report by Bloomberg.

The measure would be necessary to impose the 50% tariffs on a country whose trade situation differs significantly from others targeted by reciprocal tariffs. While the other countries have trade surpluses with the U.S., Brazil currently runs a trade deficit.

According to Bloomberg, the Office of the U.S. Trade Representative acknowledged plans for a separate emergency declaration during meetings with congressional staff this week.