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,

Trump accused Brazil of "attacks" on US tech companies and conducting a "witch hunt" against its former president Jair Bolsonaro.

Brazil on Wednesday urged the U.S. to respond to a trade proposal submitted in May, reaffirming its openness to a "mutually acceptable" deal after U.S. President Donald Trump announced a 50% tariff on Brazilian goods starting in August.