Brazilian President Luiz Inácio Lula da Silva says that his government has not been successful in trying to negotiate the 50% tariff on Brazilian imports that U.S.

U.S. President Donald Trump's plan to impose a new 50% tariff on all Brazilian products from Aug. 1 could devastate the South American nation's citrus belt, as factories scale back production and orange farmers consider leaving fruit to rot amid a sharp drop in prices.

Brazil’s inflation edged up in early July as US President Donald Trump threatened to slap the South American nation with punishing tariffs, further complicating the consumer price outlook for the central bank.