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.

Washington's 50 percent tariffs on Brazilian imports are set to hurt both the US, the world's largest coffee consumer and Brazil, the world's largest exporter, the head of the Brazilian coffee exporters council Cecafé told the Global Times in an exclusive interview on Sunday.

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.