Brazil's inflation undershot market expectations in July, data from statistics agency IBGE showed on Tuesday, with a monthly drop in food prices providing some relief even as the annual rate remained well above the central bank's target.

Brazil’s inflation rate fell much more than expected in July, a drop that offers some relief to consumers but is unlikely to change the central bank’s plans to keep interest rates at sky-high levels for the foreseeable future.

Consumer prices in the United States increased in July in line with economists’ projections, according to data released Tuesday by the Labor Department. The Consumer Price Index (CPI) advanced 0.2% for the month,

Brazilian exporters of orange juice byproducts will suffer a major revenue decline from a hefty 50% U.S. tariff imposed on many of the country's products in early August, industry trade group CitrusBR said on Tuesday.

With President Trump on their side, U.S. technology companies now have more leverage in Brazil, where they seek to influence new rules policing their platforms.

Brazil was not the only country targeted for political reasons. India faces a comparable rate for buying Russian oil. Mr Trump warned Mark Carney, Canada’s prime minister, that recognising a Palestinian state would make trade negotiations “very hard”.