An association representing chemical companies in Brazil, where large U.S. firms like ExxonMobil and Dow Chemical operate, expressed "deep concern" regarding a U.S. executive order raising tariffs on Brazilian exports to 50%.

Trump has set a whopping 50% tariff on Brazilian goods - the highest rate levied by the US on a country thus far.

President Trump’s announcement of a planned 50% tariff on all Brazilian imports has sent shock waves through the U.S. coffee industry. The proposed trade action would significantly impact coffee supplies, as Brazil currently provides approximately 30% of all coffee imported into the United States.