While a handful of trade deals have trickled in -- including 15 per cent for South Korea and an extension of current rates for Mexico --many details remain hazy, leaving businesses and manufacturers around the world bracing for more price hikes regardless.

U.S. President Donald Trump has tempered his most belligerent trade threats and begun striking deals with major partners, meaning most countries won't face the punishing tariffs announced on 'Liberation Day'.

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.