Brazil’s annual inflation ticked up further above target as US President Donald Trump rattled Latin America’s largest economy with plans to impose 50% tariffs on all its goods and services.

Economist Peter Schiff cautioned that President Trump’s latest tax and spending package could harm the U.S. economy more than it helps. He argued that the tax cuts, which add to budget deficits, won’t stimulate economic growth but will instead lead to higher long-term interest rates and inflation.