President Donald Trump's threat to boost import taxes by 50% on Brazilian goods stands to raise the cost of Brazilian exports, with coffee and orange juice among several key products that may see price increases if no trade agreement is reached by Aug.

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

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

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

SAO PAULO (AP) — 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. 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,

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Brazil believes it can withstand Trump’s 50 percent tariff, and aides to Lula say he is unlikely to shrink from a confrontation with the White House.