President Donald Trump’s threat to boost import taxes by 50% on Brazilian goods could drive up the cost of breakfast in the United States. The prices of coffee and orange juice — two staples of the American morning diet — could be severely impacted if there's no agreement by Aug.

Brazilian President Lula da Silva vowed to trigger Brazil's reciprocity law if negotiations with the U.S. fail.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

The proposal is a blow to U.S. meat companies also facing tighter cattle supplies due to a halt of livestock imports from Mexico over New World screwworm, a flesh-eating pest spreading south of the border.

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

Doubling down on his trade wars, President Trump is threatening to raise taxes on many goods from Canada and punish Brazil for prosecuting his friend.

Critics say the tariff on Brazil could further erode the Trump administration's credibility as it pursues an aggressive trade agenda.

BRASILIA, July 10 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said he wanted to find a diplomatic solution to U.S. President Donald Trump’s threat of 50% tariffs on Brazilian exports, but vowed to reciprocate like-for-like if they take effect on August 1.

Money managers from Aberdeen Group Plc to Franklin Templeton are staying bullish on Brazil, betting the country will withstand its unexpected turn in the epicenter of Donald Trump’s trade war. One reason: The fairly closed Brazilian economy,