Chemical products companies in Brazil, which exported $2.4 billion to the U.S. last year, face a slew of contract cancellations as President Donald Trump has threatened a new 50% tariff on the South American nation's exports from August 1.

With one week left before the U.S. imposes a 50% tariff on Brazilian imports, President Luiz Inácio Lula da Silva sent another public message to U.S. President Donald Trump during a government event Friday in Osasco, stressing that Brazil remains open to dialogue.

U.S. President Donald Trump's plan to impose a new 50% tariff on all Brazilian products from Aug. 1 could devastate the South American nation's citrus belt, as factories scale back production and orange farmers consider leaving fruit to rot amid a sharp drop in prices.