Brazil's government on Friday downplayed the impact of the 50% tariff U.S. President Donald Trump threatened to impose on imports from that country, as leaders from both nations expressed a cautious willingness to negotiate in the future.

Brazilian President Lula da Silva vowed to trigger Brazil's reciprocity law if negotiations with the U.S. fail.

Brazil’s President forcefully rebuked Trump after the U.S. leader called the prosecution of Lula’s predecessor, Bolsonaro, a “witch hunt” and hiked tariffs on the Latin American nation.