President Donald Trump’s administration is preparing a new emergency declaration as a basis for tariffs on Brazil, people familiar with the matter say.

Chemical products companies in Brazil, which exported $2.4 billion to the U.S. last year, face a slew of contract cancellations as President Donald Trump has threatened a new 50% tariff on the South American nation's exports from August 1.

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.