Meaning
To throw in the towel / To give up
Example
O lutador jogou a toalha.
The fighter threw in the towel.
Origin
Straight from boxing. When a fighter can no longer continue, the trainer throws a towel into the ring to stop the match. English uses the same metaphor ('throw in the towel').
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity