Economists have been expressing alarm over U.S. President Donald Trump’s plan to hit Brazil with a 50% tariff on Aug. 1 — the largest country-specific levy out of the 22 that Trump has rolled out this week.

Brazil’s annual inflation ticked up further above target as US President Donald Trump rattled Latin America’s largest economy with plans to impose 50% tariffs on all its goods and services. Official data released Thursday showed consumer prices accelerated to 5.

The 50% tariff that the Trump administration has slapped on Brazilian imports has rattled the global coffee market and could make the price of a cup of coffee in the U.S. jump beyond recent highs. Brazil is the world's largest grower and exporter of coffee,