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.

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 state-run oil firm Petrobras elected Angelica Laureano as its new head of energy transition and sustainability, the firm said on Friday.

Money managers from Aberdeen Group Plc to Franklin Templeton are staying bullish on Brazil, betting the country will withstand its unexpected turn in the epicenter of Donald Trump’s trade war. One reason: The fairly closed Brazilian economy,