Brazilian President Lula da Silva vowed to trigger Brazil's reciprocity law if negotiations with the U.S. fail.

SAO PAULO (AP) — President Donald Trump’s threat to boost import taxes by 50% on Brazilian goods could drive up the cost of breakfast in the United States. The prices of coffee and orange juice — two staples of the American morning diet — could be severely impacted if there’s no agreement by Aug. 1.

Brazil’s oil exports to the US face potential disruption from threatened tariffs, prompting the country and its state-controlled oil company Petrobras to explore new markets and strategies.