Trump twinned his threat to Brazil with the promise of a 50% tariff on copper, which would strike at the economic lifeline of two more Southern neighbors, Chile and Peru. The president capped his week by setting a 30% tariff on Mexican imports as of Aug. 1.

Trump cast his announcement as a pressure tactic to help Bolsonaro, who is on trial for allegedly plotting a coup to overturn his loss in the 2022 presidential election.

The prices of coffee and orange juice could be impacted if no trade agreement is reached by the deadline. Tariffs could also contribute to higher beef prices.