Trump Modifies 40% Ad Valorem Tariffs on Brazilian Agricultural Goods, Excluding Some Imports (New Executive Order Effective November 13)

The White House has recalibrated a tariff plan on Brazilian agricultural imports, modifying the previously imposed 40% ad valorem tariff. The executive order narrows the scope of products affected and takes effect for goods entering the U.S. after mid-November. In macro terms, the move signals policy flexibility amid evolving trade negotiations, reducing friction in commodity channels and shaping the backdrop for risk assets, including Bitcoin and Ethereum.

For crypto markets, this policy adjustment may influence macro liquidity, USD volatility, and risk sentiment. Traders expect limited direct impact on crypto fundamentals, but increased policy clarity can support a steadier funding environment for decentralized finance and crypto liquidity. As the market digests the news, price action in Bitcoin and other major tokens could reflect shifts in equity-market correlations and FX flows.