U.S. President Donald Trump has tempered his most belligerent trade threats and begun striking deals with major partners, meaning most countries won't face the punishing tariffs announced on 'Liberation Day'.

By bnl Sao Paulo bureau Brazil faces potential losses of up to BRL175bn ($31.7bn) over the next decade if the US follows through on plans to impose 50% import tariffs on Brazilian goods. The tariff threat has already triggered a Supreme Court investigation into suspected insider trading in foreign exchange markets,