Trump Trade: U.S. lifts tariffs on Brazilian beef, coffee

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.

TARIFFS: President Trump lifted his administration’s 40% tariffs on Brazilian food products on Thursday, marking the latest reversal on a string of tariffs that were imposed on other countries earlier this year, The Hill’s Julia Manchester reports. The action removes tariffs from products including coffee, fruit, cocoa, and beef. They were first imposed in July in an effort to punish the South American country for the prosecution of his political ally, former President Jair Bolsonaro, over an alleged plot to keep his office after losing an election, the author notes. Publicly traded companies in the space meat producer group include Hormel Foods (HRL), JBS (JBS), Pilgrim’s Pride (PPC) and Tyson Foods (TSN).

ARGENTINA BAILOUT: A planned $20B bailout to Argentina from JPMorgan (JPM), Citi (C), and Bank of America (BAC) has been put aside as lenders pivot instead to a smaller, short-term loan package to support the South American nation’s financially depressed government, the Wall Street Journal’s Alexander Saeedy and Justin Baer report, citing people familiar with the matter.

Treasury Secretary Scott Bessent and the White House were aiming to strengthen Argentine President Javier Milei’s pro-reform party when they announced the pair of stimulus packages in recent months, with the package including a $20B currency swap with the U.S. Treasury Department and plans for another $20B bank-led debt facility, the authors note. Publicly traded companies in the Argentina banking space include Grupo Financiero Galicia (GGAL), Banco Macro (BMA), Banco BBVA Argentina (BBAR), and Grupo Supervielle (SUPV).

TRUMP, MAMDANI MEETING: Donald Trump and Zohran Mamdani will sit down Friday in a highly anticipated meeting between the upstart 34-year-old mayor-elect of New York and a president who sought to kneecap him during the campaign, NBC News’ Allan Smith reports. The White House and Mamdani’s team worked behind the scenes to secure a session between the two men, who will speak face-to-face for the first time. Trump announced the get-together Wednesday on social media, saying Mamdani, whom he again called a “communist,” would be coming to the Oval Office.