Institution: U.S. tariffs on Brazil highlight ongoing trade risks.

The United States' decision to impose a 25% tariff on certain Brazilian products indicates that, although tariff threats have taken a back seat, trade risks are far from over. Edwin Lee of Standard Chartered Group stated that with the Middle East conflict dominating the headlines, tariffs have faded from people's view in recent months but still lurk in the background and may continue to hinder economic growth. With the expiration of Section 122 tariffs approaching, the Section 301 tariffs imposed by the US on 60 trading partners may come into effect in the next few weeks. Lee said that the broader risk lies in the US possibly seeking to use more legally sustainable measures to rebuild its tariff structure. The midterm elections are a key focus as they may push the Trump administration to adopt a tougher trade stance.