Tarcísio de Freitas, governor of São Paulo state and a former infrastructure minister under Bolsonaro, told reporters Thursday that the U.S. tariffs would have a negative impact on the economy and for important industrial exporters from his state, including Brazilian plane maker Embraer.

Brazil's stock market slid on Thursday, but the real rebounded the day after U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated,

Brazilian assets saw volatility spike as traders rushed to assess the endgame of President Donald Trump’s threat to impose 50% tariffs on all goods from the South American nation.