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.

With Donald Trump's punitive tariffs against Brazil poised to take effect within days, Latin America's largest economy is bracing for a virtual embargo on its planes, grains, and crude oil. Lula promised to apply "reciprocity" if Trump's tariff threat materializes,