U.S. President Donald Trump may have thought that pressuring Brazil with higher tariffs would help his ally, the country's former President Jair Bolsonaro, but the move apparently backfired. Last week,

Trump announced a sweeping 50 percent tariff on all Brazilian exports to the United States beginning Aug. 1. In a letter to Luiz Inácio Lula da Silva, the left-wing leader who defeated Jair Bolsonaro three years ago,

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.