Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump's tariff actions and their impact on global trade.

President Donald Trump escalated his trade war, imposing new tariffs on Brazil and announcing fresh duties on copper imports.

The levy is the highest announced so far in Trump’s letters to world leaders this week, and comes after he wrote a lengthy message supporting the former Brazilian leader.

Scavino is the third top official who, along with two others, sold Trump Media stock with the combined value of up to $10 million before tariffs news

President Donald Trump announced Wednesday he planned to hit Brazil with a 50% tariff, in part due to the treatment of its former president and his political ally, Jair Bolsonaro.

Trump announced a 50 percent tariff on all Brazilian goods, escalating a feud over Brazil’s prosecution of former president Jair Bolsonaro. Brazil vowed to retaliate.

U.S. Commerce Secretary Howard Lutnick said Tuesday that another batch of tariff letters was close to going out, followed by “a general letter” that would cover trading partners that didn’t get their own missives.

President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.