The S&P and NASDAQ hit record highs

Investors shrugged off President Trump’s latest tariff broadside targeting Latin America’s biggest nation. On Thursday, major indexes rose, with the S&P 500 and Nasdaq composite hitting new records, after Trump unveiled a 50% tariff on Brazilian goods.

Among the many messages issued to foreign leaders this week outlining new tariffs, Brazil’s levy was the highest. Trump diverged from the form letter sent to many countries, opting instead to criticize Brazil’s legal actions against both former President Jair Bolsonaro and US tech companies.

“While the reciprocal tariff letters that Trump has delivered this week have largely been shrugged off by markets, Brazil’s treatment caused a shock,” said William Jackson of Capital Economics. Countries with deteriorating relations with the US now look more vulnerable to tariff broadsides, he added.

Elsewhere in the market, copper prices—and mining stocks—rose after Trump confirmed a 50% tariff on the metal will take effect Aug. 1. Prices for the metal hit record highs Tuesday after the president unveiled the levy.

Overall the S&P 500 was up by about 22 points and 0.4% at a record high 6,289.15 during afternoon trading after opening at 6,266.80. It closed at 6,280.46, which was up 17.20 and 0.27% for the day.

The Nasdaq Composite also reached a record high on Thursday and was trading at 20,646.66 during the afternoon, which was up 34.07 and 0.17%. It closed at 20,630.66. The Dow closed at 44,458.30 on Wednesday and briefly traded above 44,770 during the afternoon hours.

The market rallies continue a months-long climb for the stock market and occurred a day after President Donald Trump announced 50% tariffs on copper and products sourced in Brazil on Aug. 1.