The past week has been a whirlwind of economic and political events. From record-breaking customs duty collections to billionaire investors casting doubt on tariff outcomes, the week was filled with intriguing stories.

Brazil believes it can withstand Trump’s 50 percent tariff, and aides to Lula say he is unlikely to shrink from a confrontation with the White House.

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

President Luiz Inacio Lula da Silva insisted Brazil can survive without trade with the US and will look to other partners to replace it, a sharp response to Donald Trump after the American leader threatened 50% tariffs against the nation.

Doubling down on his trade wars, President Trump is threatening to raise taxes on many goods from Canada and punish Brazil for prosecuting his friend.

Protestors in Sao Paulo made an effigy of the US president, and then set it on fire. As the paper POTUS went up in flames, they cheered and chanted "Brazil is ours," and "Trump out." The protest was in response to the Trump administration's plan to increase tariffs on imports of Brazilian goods from 10% to 50%.

Money managers from Aberdeen Group Plc to Franklin Templeton are staying bullish on Brazil, betting the country will withstand its unexpected turn in the epicenter of Donald Trump’s trade war. One reason: The fairly closed Brazilian economy,