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,

Mining stocks rallied in pre-market trading Thursday after President Trump confirmed the U.S. will impose 50% tariffs on global copper imports beginning August 1, the day he has scheduled his "reciprocal" tariffs to go into effect.

A couple deals with major trading partners could mean the effective tariff rate rises from 16% to 18% versus 21% scenario, according to Pingle.Nadia Lovell, senior U.S. equity strategist for UBS Global Wealth Management,