Oil at the Center as U.S. and Brazil Edge Toward a Trade War

Brazil is preparing to defend its oil export sector as former U.S. President Donald Trump threatens to impose a 50% tariff on Brazilian imports starting August 1. The move has escalated tensions between the two countries, with Brazilian President Luiz Inácio Lula da Silva vowing reciprocal action: “If he charges us 50%, we’ll charge him 50%,” Lula told local media outlet Record. Oil is Brazil’s top export to the United States, and until now it had been exempt from a 10% tariff already imposed on other Brazilian goods.…