Brazil warns it will raise levies on U.S. products if Trump follows through on threat of 50% tariff

Brazilian President Luiz Inácio Lula da Silva said Thursday that he would impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro.

Lula said he would trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.

"If there's no negotiation, the reciprocity law will be put to work. If he charges 50 (% tariffs) from us, we will charge 50 from them," Lula told TV Record in excerpts of an interview that will be fully aired later in the day. "Respect is good. I like to offer mine and I like to receive it."