Brazil's Supreme Court Probes Potential Insider Trading Over U.S. Tariffs

Brazil's Supreme Court Justice Alexandre de Moraes has approved a probe into potential insider trading concerning foreign exchange transactions before the announcement of a 50% U.S. tariff on Brazilian imports. The investigation follows a court filing revealing abnormal trade activities in anticipation of the tariff.

The investigation was prompted by a news report featuring a chart from Spencer T. Hakimian, a hedge fund manager, showing unusual movements in the Brazilian real around the tariff announcement. While Hakimian lacks additional data to validate his observations, he welcomed the scrutiny into suspicious activity.

This inquiry is linked to broader probes into the use of international tariffs and allegations against former President Jair Bolsonaro and his son Eduardo. The accusations involve attempts to interfere with Brazil's court system post-2022 elections, with the Supreme Court enforcing new measures against Bolsonaro.

(With inputs from agencies.)