Dollar Opens Higher with US Tariffs in Focus

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The dollar opened slightly higher on Tuesday (24), gaining 0.06 to trade at R$ 5.1720 shortly after 9 a.m. Meanwhile, Brazil’s Ibovespa stock exchange index opened at 10 a.m. In the U.S., a 10% tariff on previously exempt products went into effect on Tuesday, according to a Customs and Border Protection notice. This rate reflects the percentage announced by President Donald Trump on Friday (20), differing from the previously mentioned 15%. The tariffs imposed by the Trump administration impacted factory businesses in 2025, leading to a slump that cost over 108,000 jobs. Some manufacturers attribute their struggles to these tariffs, citing the high cost of living and rising component costs. The American auto industry continues to face billions in tariff fees; for example, General Motors anticipates spending between $3 and $4 billion on tariffs this year. Ford Motors estimates the net impact from tariffs will remain around $2 billion in 2026.

Due to higher import duties, items sold by Walmart will cost more, starting this week. While Trump claimed foreign suppliers would bear the burden, U.S. importers are paying these tariffs. Some importers have absorbed the costs, reducing profits, while others have passed the costs to consumers through higher prices. Walmart’s inflation for general merchandise is now over 3%, up from 1.7% between July and September. Columbia Sportswear plans to increase prices for their spring and fall merchandise by a high single-digit percent, and Levi Strauss has also cited steeper levies as the reason behind their price hikes. The Consumer Price Index, which tracks changes in the cost of everyday goods, increased by a lower-than-expected 2.4% in January compared to the same month last year.

The Trump administration also threatened tariffs on pharmaceutical imports, potentially reaching as high as 250%. These tariffs have not yet gone into effect due to multi-year deals between the administration and drugmakers under Section 232. The aim of these deals, and the threat of tariffs, was to incentivize drug companies to manufacture drugs in the U.S. Trump had discussed imposing 200% tariffs on pharmaceuticals in July 2025, and the investigation into pharmaceuticals under Section 232 is already open. In December 2025, several companies, including Merck, Bristol Myers Squibb, and Novartis, agreed to lower their prices voluntarily and received a three-year exemption from pharmaceutical tariffs in exchange for increased investment in U.S. manufacturing. Throughout the day in the U.S., investors will watch speeches from Federal Reserve leaders and the release of the ADP weekly research on private sector job creation, which previously indicated the opening of 10,250 jobs. In Brazil, current account transactions in the balance of payments recorded a deficit of US$8.4 billion in January 2026, lower than the US$9.8 billion gap in the same month of 2025. Over the 12 months ending in January, the deficit fell to US$67.6 billion (2.92% of GDP).

Impact of Senate’s Tariff Investigations and Economic Indicators on Market Behavior

On the political front, the Senate’s Economic Affairs Committee (CAE) will hear from Interim Securities Commission (CVM) President Joao Accioly in a meeting of the working group monitoring investigations into Banco Master (G1). These developments in tariffs, trade, and economic indicators are expected to influence market behavior in the coming days.

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