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.

Brazilian President Luiz Inácio Lula da Silva says he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50%

President Donald Trump late Thursday threatened a 35% tariff on goods imported from Canada, a dramatic escalation in an on-again, off-again trade war with America’s northern neighbor and one of its most important trading partners.

European and US stock markets retreated Friday as US President Donald Trump ramped up his trade war, threatening a higher blanket tariff and a 35-percent levy on Canada.

Trump said on Thursday the U.S. would impose a 35% levy on imports from Canada next month. The U.S. president also floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.