Mr. Trump has long expressed support for Bolsonaro, a right-wing populist sometimes known as "Trump of the Tropics."

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy...