What happened

President Donald Trump Wednesday announced new tariff rates for South Korea, Brazil and India ahead of his self-imposed Friday deadline for trade deals. He also imposed a 50% tax on the import of copper products and ended an exemption for direct-to-consumer imports worth less than $800.

Citing the economic and inflationary risks of Trump's tariffs, the Federal Reserve Wednesday declined to lower interest rates and cast doubt on expected rate cuts in September.

Who said what

Wednesday's "flurry of trade activity" began with Trump announcing a 25% tax on imports from India plus an added "penalty" for New Delhi's war-funding purchase of Russian oil, The Associated Press said. Shortly after, Trump "slapped a 50% tariff on most Brazilian goods to fight what he has called a

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