Tensions between the U.S. and its NATO allies have cooled off since most of the alliance's member states agreed to increase their defense spending from 2 percent of GDP to 5 percent by 2035, which many Trump supporters say is proof that his hard-charging negotiating tactics, even among friends, produces results.

Explore our tariff tracker to see the latest rates for Brazil and seven other nations impacted by Trump's new trade policies.

The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

Donald Trump issued tariff letters to several countries, including the Philippines, Brunei, Moldova, Algeria, Libya, and Iraq, warning of reciprocal duties starting August 1, 2025. These actions follow Trump's earlier announcement of tariffs for fourteen other nations.