One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

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

Trump pledged to impose tariffs on Brazil at a rate as high as 50%. He accused the country of "attacks" on US tech companies and of conducting a "witch hunt" against the far-right former President Jair Bolsonaro, a longstanding ally who is facing prosecution over his alleged role in a plot to overturn the 2022 Brazilian election.

Brazil believes it can withstand Trump’s 50 percent tariff, and aides to Lula say he is unlikely to shrink from a confrontation with the White House.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

Brazilian securities regulator CVM postponed for the second time a shareholder vote on the takeover of poultry and pork processor BRF by beef processor Marfrig , BRF said in a securities filing on Friday.

President Donald Trump is singling out Brazil for import taxes of 50%, citing its treatment of its former president, Jair Bolsonaro.