Trump's latest tariff, slapping 50% on Brazil, tread into new territory. the US runs a trade surplus with Brazil, there is no deficit to 'fix'These are political tariffs, not economic. Trump clearly stated this in his letter to the Brazilian President:Trump hits Brazil with a 50% tariffThe real fell earlier and it added to its losses on Trump's posting. Please note, I posted two investment bank warnings of EM weakness in the last 24 hours;J.P. Morgan revises EMFX overweight call, citing overbought signalsUBS: Emerging market stocks not fully pricing in tariff risks This article was written by Eamonn Sheridan at www.forexlive.com.