US President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August.

Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump's tariff actions and their impact on global trade.

President Donald Trump threatened new tariffs on more than 20 countries this week, but his justification for raising import taxes on Brazil stands out.

That means your local sales tax rate — ranging from under 5% in some states to close to 10% or more in parts of Alabama and Louisiana — applies to many Prime Day purchases. For example, if you grab a $500 laptop online and live in a place with a 9.5% sales tax, you could pay an extra $47.50 at checkout.

The Fed’s median target rate is still well above the annual pace of consumer inflation. The odds are low that Fed will cut rates at the upcoming July 30 policy announcement. Read more here.

The new tariffs [threatened in letters](

Carl Weinberg, chief economist at High Frequency Economics discusses President Trump's imposition of the biggest tax increase in the history of the U.S., and what this will mean for the country's economy.

Economists, researchers and analysts have warned that President Donald Trump’s sweeping trade policy of tacking steep tariffs on most goods that come in to America will deliver a taxing blow to consumers via higher prices.