Doubling down on his trade wars, President Trump is threatening to raise taxes on many goods from Canada and punish Brazil for prosecuting his friend.

While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April.

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

SAO PAULO (AP) — President Donald Trump’s threat to boost import taxes by 50% on Brazilian goods could drive up the cost of breakfast in the United States. The prices of coffee and orange juice — two staples of the American morning diet — could be severely impacted if there’s no agreement by Aug. 1.

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,

President Donald Trump on Saturday announced 30% tariffs on the European Union and on Mexico, cementing a new high level of levies with key trading partners ahead of an Aug. 1 implementation.