25% Section 301 tariffs on Brazilian exports take effect July 22, with a potential rise to 37.5%. Meanwhile, President Trump is threatening to add the "incalculable cost" of Canadian wildfire smoke pollution to existing tariffs on Canadian goods.

Behind the Data

Standard Chartered analysts note that while wide-ranging exemptions (over 30% of exports) may limit the immediate economic pain for Brazil, the political fallout is significant ahead of October...