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%.

Latin America’s biggest economy can weather the shock of a high tariff rate. But American coffee lovers and Brazilian ranchers are likely to feel the pain.

Now, as the 90-day pause on those and other targeted US tariffs is set to expire, Trump has raised Brazil's rate to a whopping 50% – potentially launching a trade war with Latin America's biggest economy, which sells large amounts of beef, coffee, steel and other products to the United States.