President Donald Trump's threat to boost import taxes by 50% on Brazilian goods stands to raise the cost of Brazilian exports, with coffee and orange juice among several key products that may see price increases if no trade agreement is reached by Aug.

Money managers from Aberdeen Group Plc to Franklin Templeton are staying bullish on Brazil, betting the country will withstand its unexpected turn in the epicenter of Donald Trump’s trade war.

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

President Donald Trump announced Wednesday he planned to hit Brazil with a 50% tariff, in part because of the treatment of its former president Jair Bolsonaro, his political ally.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

Critics say the tariff on Brazil could further erode the Trump administration’s credibility as it pursues an aggressive trade agenda.

Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

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