Economic data out Wednesday showed trade turmoil wasn’t holding back the U.S. economy, but the Federal Reserve left rates unchanged, citing fear of inflation.

The president has previously extended deadlines on tariffs on several occasions to give trading partners time to negotiate the deals.

President Trump on Wednesday signed an executive order raising tariffs on imports from Brazil to 50 percent, escalating his fight with the largest South American economy. The order Trump signed declares a national emergency under a 1977 law he has used to justify his imposition of sweeping tariffs since taking office in January.