His decree regulating the trade reciprocity law, which Brazil's Congress passed in April, should be published in the official gazette on Tuesday, Costa added. Last week, U.S. President Donald Trump said he would impose a 50% tariff on Brazilian exports.

The Brazilian president prioritizes negotiations in the trade dispute, but announces that if the White House carries out the threat, he will respond with reciprocal levies

The prices of coffee and orange juice could be impacted if no trade agreement is reached by the deadline. Tariffs could also contribute to higher beef prices.