All Eyes on Bolsonaro With Lula, Trump Locked in Trade Fight

Brazil's former President Jair Bolsonaro
Photographer: Ton Molina/Bloomberg

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By Simone Iglesias and Daniel Carvalho

July 10, 2025 at 9:32 PM UTC

Updated on

July 10, 2025 at 11:16 PM UTC

As Brazil’s Luiz Inacio Lula da Silva and Donald Trump trade blows, the person they are fighting over has sent mixed signals to investors trying to divine who will blink first.

Jair Bolsonaro, Lula’s arch-nemesis whose legal woes were the basis of Trump’s 50% tariff salvo, is barred from running against a rival who staged the kind of comeback he aspires to now.