Brazil's government on Friday downplayed the impact of the 50% tariff U.S. President Donald Trump threatened to impose on imports from that country, as leaders from both nations expressed a cautious willingness to negotiate in the future.

President Donald Trump put Brazilian politics front-and-center Wednesday in a letter declaring a new 50% tariff on U.S. imports from the Latin American nation set to begin Aug. 1, citing mistreatment of longtime ally and former Brazilian President Jair Bolsonaro.

President Donald Trump's plan for a 50% tariff on Brazilian goods is projected to increase beef prices in the U.S., a staple in American diets. The tariff may disrupt trade with Brazil, prompting importers to seek beef from other countries amid declining domestic production and ongoing supply chain challenges.