Brazilian President Luiz Inacio Lula da Silva on Thursday slammed Donald Trump's threat to impose 50 percent tariffs on Latin America's largest economy as "unacceptable blackmail." In his speech, leftist leader Lula slammed Brazilian politicians who back Trump's policies as "traitors to the homeland.

Trump twinned his threat to Brazil with the promise of a 50% tariff on copper, which would strike at the economic lifeline of two more Southern neighbors, Chile and Peru. The president capped his week by setting a 30% tariff on Mexican imports as of Aug. 1.