Brazil’s President forcefully rebuked Trump after the U.S. leader called the prosecution of Lula’s predecessor, Bolsonaro, a “witch hunt” and hiked tariffs on the Latin American nation.

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

NEW YORK, July 10 (Reuters) - The 50% tariff that the Trump administration has slapped on Brazilian imports has rattled the global coffee market and could make the price of a cup of coffee in the U.S. jump beyond recent highs.

The fight is rooted in years of political history between President Trump and the last two presidents of Brazil.

President Donald Trump is singling out Brazil for import taxes of 50%, citing its treatment of its former president, Jair Bolsonaro.

Relations between the U.S. and Brazil deteriorated after President Trump sought to halt criminal proceedings against his right-wing ally in the country, former leader Jair Bolsonaro, by imposing steep tariffs on Latin America’s biggest nation.

Brazilian state-run oil firm Petrobras elected Angelica Laureano as its new head of energy transition and sustainability, the firm said on Friday.