Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

Brazil's President Lula is firing back at Trump's 50% tariff threat — saying Brazil is ready to match any U.S. import taxes, dollar for dollar.

The exchange with the South American nation suggests the U.S. president also sees trade as a tool to influence other policies of foreign countries.