Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

Brazil’s annual inflation ticked up further above target as US President Donald Trump rattled Latin America’s largest economy with plans to impose 50% tariffs on all its goods and services.

"Any measure to unilaterally raise tariffs will be responded to in accordance with Brazil's Economic Reciprocity Law," Lula's office said in a statement. (Reporting by Ricardo Brito; Writing by Isabel Teles;