United States President Donald Trump has threatened Brazil with a 50 percent tariff, citing the criminal charges against its former president and his political ally Jair Bolsonaro, who is accused of plotting a coup.

With Donald Trump's punitive tariffs against Brazil poised to take effect within days, Latin America's largest economy is bracing for a virtual embargo on its planes, grains, and crude oil.

An association representing chemical companies in Brazil, where large U.S. firms like ExxonMobil and Dow Chemical operate, expressed "deep concern" regarding a U.S. executive order raising tariffs on Brazilian exports to 50%.