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%.

Latin America’s biggest economy can weather the shock of a high tariff rate. But American coffee lovers and Brazilian ranchers are likely to feel the pain.

The president also touted agreements over hundreds of billions of dollars in foreign investment into the United States.