President Donald Trump’s threat to boost import taxes by 50% over Brazilian goods could drive up the cost of breakfast in the United States.

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 reason: The fairly closed Brazilian economy,

Protestors in Sao Paulo made an effigy of the US president, and then set it on fire. As the paper POTUS went up in flames, they cheered and chanted "Brazil is ours," and "Trump out." The protest was in response to the Trump administration's plan to increase tariffs on imports of Brazilian goods from 10% to 50%.

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

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

US President Donald Trump has announced a 50 percent tariff on Brazilian imports as he accused the country's leftist leadership of orchestrating a "witch hunt" against his right-wing ally, former leader Jair Bolsonaro.

Brazil believes it can withstand Trump’s 50 percent tariff, and aides to Lula say he is unlikely to shrink from a confrontation with the White House.