US Dollar Retreats Amid US-Iran Ceasefire Developm
The US dollar is set to decline this week as positive news on US-Iran ceasefire eases safe-haven dem
The Republican-led US Senate passed a bill on Tuesday to overturn former President Donald Trump’s tariffs on Brazil by terminating the national emergency he declared in July. The declaration was made in retaliation for Brazil’s prosecution of former President Jair Bolsonaro over an alleged coup attempt.
The Senate approved the measure 52-48, with five Republicans joining Democrats to support it. This was the first of three expected votes this week targeting Trump’s trade actions, with similar measures addressing tariffs on Canada and other countries likely to follow.
The legislation now moves to the Republican-controlled House of Representatives, where it is widely expected to stall. House Republicans have consistently voted against ending Trump’s tariffs.
The Senate’s action comes as Trump is on a five-day tour of Malaysia, Japan, and South Korea, and is scheduled to meet Chinese President Xi Jinping later this week for trade discussions.
Democrats argue that Trump misused emergency powers to justify tariffs that have driven up costs for American consumers and disrupted global trade. They have pledged to continue challenging these actions through repeated votes.
Earlier this year, the Senate voted to end Trump’s tariffs on Canada but rejected a broader effort to curb his international trade measures. Those initiatives also failed to advance in the House.
Brazilian officials, meanwhile, highlight that the United States has maintained a $410 billion trade surplus with Brazil over the past 15 years. Trump’s executive order had accused Brazil of undermining US national security and foreign policy while claiming the country was “politically persecuting” Bolsonaro.