Brazilian companies reacted with a mix of relief and doubt after the White House surprised them on Wednesday with a list of nearly 700 exceptions to the 50% tariff U.S. President Donald Trump imposed on the country's exports from August 6.

Now, as the 90-day pause on those and other targeted US tariffs is set to expire, Trump has raised Brazil's rate to a whopping 50% – potentially launching a trade war with Latin America's biggest economy, which sells large amounts of beef, coffee, steel and other products to the United States.

The order entails an additional 40% tariff on the 10% duties already being levied, but energy products would be exempt.