U.S. President Donald Trump said he plans to impose 50% tariffs on all products from Brazil starting August 1, which could have a sharp impact on South America's agricultural powerhouse. The U.S. is the second biggest destination for Brazil's exports behind China.

President Donald Trump on Monday began sending letters to dozens of countries around the world, informing them of what tariff rate imports from their countries to the U.S. will face.After promising 90 trade deals in 90 days,