U.S. President Donald Trump has tempered his most belligerent trade threats and begun striking deals with major partners, meaning most countries won't face the punishing tariffs announced on 'Liberation Day'.

US President Donald Trump’s threat to slap a 50 per cent import tax on goods from Brazil has sparked anxiety in the country’s farms and ranches over the potential damage to its world-leading shipments of orange juice, coffee and beef.

Brazil central bank’s strategy to keep interest rates high for a prolonged period will be put to the test by the 50% tariffs Donald Trump is expected to slap on the country as soon as this week.