WASHINGTON —

President Donald Trump's so-called "Liberation Day" tariffs take effect Thursday, imposing higher import taxes on most trading partners and reshaping global trade dynamics and prices in the U.S.

But ahead of Liberation Day, tariffs on other countries are also taking effect.

A 50% total tax on Brazil starts Wednesday . Trump justified a 40% tariff on the country mainly to help his political ally, former President Jair Bolsonaro. Trump framed the tariff as retaliation against what he calls a "witch hunt" on Bolsonaro.

Trump argued the remaining 10% tariff would address a U.S. trade imbalance, which contradicts data showing that the U.S. has a nearly $7 billion trade surplus with Brazil.

The new taxes are expected to raise prices on Brazilian imports like oil, iron, st

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