KEY TAKEAWAYS The 50% tariffs on imports from Brazil that are set to go into effect next month likely will raise orange juice and coffee prices for U.S. consumers.Brazil supplies a significant portion of the U.

President Trump’s pledge to place a 50 percent tariff on all imports from the South American nation will drive up the prices of coffee — and orange juice.

Brazilian state-run oil firm Petrobras may redirect the oil it sells to the United States, sending more to Asia and Pacific markets due to higher tariffs the U.S. announced on Brazil, its chief executive told Reuters on Thursday.

Brazil is Florida’s biggest international trading partner for buying what the Sunshine State sells, and tariffs might make orange juice prices soar.

The prices of coffee and orange juice could be impacted if no trade agreement is reached by the deadline. Tariffs could also contribute to higher beef prices.

Brazil on Wednesday urged the U.S. to respond to a trade proposal submitted in May, reaffirming its openness to a "mutually acceptable" deal after U.S. President Donald Trump announced a 50% tariff on Brazilian goods starting in August.

U.S. Secretary of State Marco Rubio announced visa restrictions on a Brazilian judge after search warrants and restraining orders were issued against former President Jair Bolsonaro.

A lot could happen on the trade front in the next few weeks, from pressuring Russia on Ukraine to arguing the legality of the administration’s tariff policy. Here are a few developments to watch.