Trump's tariff threat "unacceptable blackmail": President Lula

Brazilian President Luiz Inacio Lula da Silva described Trump's tariff threat as "unacceptable blackmail" on Thursday, saying that Brazil will not take orders from the Untied States.

This came after U.S. President Donald Trump threatened to impose 50 percent tariffs on Brazil and called for an end to the trial of former president Jair Bolsonaro.

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Trump's tariff threat "unacceptable blackmail": President Lula

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Trump's tariff threat "unacceptable blackmail": President Lula

When addressing the nation in a televised speech, Lula said that Brazil is a sovereign state and interfering in Brazil's judicial system is to interfere with Brazil's sovereignty.

He also vowed to take all necessary measures to defend Brazil's economy, including resorting to the World Trade Organization.

As there is no winner in the trade war, Brazil supports multilateralism and cooperates with other countries, Lula said.

The tariffs will begin on August 1 if Brazil and the United States do not reach an agreement. This is a significant increase from the 10-percent rate imposed by Trump in April.

The added tariffs on Brazilian goods, including beef, coffee and orange juice, could drive up food prices for American families.

The U.S. share of global GDP under President Donald Trump has fallen to its lowest level since 1980, Russian news agency RIA Novosti reported on Saturday.

RIA Novosti said data from the World Bank and the International Monetary Fund show that U.S. purchasing power parity sank to 14.65 percent last year.

That's compared to an average of 14.93 percent during former President Joe Biden's four years in office.