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Yves here. Trump is such a chaos generator that it\u2019s hard to keep up with all the damage he is trying to do. He\u2019s in the process of completing his trade \u201cdeals.\u201d Trump seems to have a crude hierarchy of punishment, with an official level of 15% being the least abusive and (so far) 50% the highest\u2026to be inflicted on Brazil, a particular focus of Trump ire, explicitly due to its prosecution of Trump bestie Jair Bolsonaro<\/a>. Oh, and there aren\u2019t valid trade grounds for tariffs since Brazil runs a surplus with the US. <\/p>\n But it turns out that 50% level for Brazil that Trump got into the headlines is a headfake. From Bloomberg in Lula\u2019s Defiance Pays Off as Trump Blinks on Brazil Tariffs<\/a>:<\/p>\n Brazil President Luiz Inacio Lula da Silva\u2019s defiant response to Donald Trump\u2019s 50% tariff threat was validated Wednesday \u2014 at least in the short term \u2014 with markets and businesses breathing a collective sigh of relief at the long list of exemptions to the levies.<\/p>\n Some of Brazil\u2019s biggest exports to the US, from civilian aircrafts to orange juice, won\u2019t face increases beyond the 10% rate previously imposed, softening the blow of tariffs Trump now plans to implement next week instead of Friday.<\/p>\n<\/blockquote>\n Oh, and these \u201cdeals\u201d don\u2019t even rise to the level of napkin doodles. From former ambassador Chas Freeman on Judge Napolitano, starting at 3:50\u2033<\/p>\n\n