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.

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. "You are not going to spend money to harvest and not have anyone to sell to,