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,

Brazilian President Luiz Inacio Lula da Silva on Thursday slammed Donald Trump's threat to impose 50 percent tariffs on Latin America's largest economy as "unacceptable blackmail."In his speech, leftist leader Lula slammed Brazilian politicians who back Trump's policies as "traitors to the homeland.

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.