President Donald Trump announced Wednesday the U.S. would impose a 50% tariff on all imports from Brazil.

Bitcoin rose to an all-time high near $112,000 late on Wednesday, bolstered by an increase in risk appetite and persistent institutional demand.

In the letters, which were posted on Truth Social, Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.

Trump announced a 50% copper duty Tuesday, causing prices to surge to record highs before retreating.

Analysts have noted that Asian countries are a major target of the documents so far.

South African President Cyril Ramaphosa pushed back against U.S. President Donald Trump's imposition of a 30% tariff, saying that it was based on an inaccurate understanding of the two countries' trade and that negotiations with the U.