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.

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.

Brewer Anheuser-Busch InBev said on Thursday its second-quarter sales volumes fell more than expected due to weak demand in Brazil and China, adding to investor worries over industry growth and sending its shares to a five-month low.

CNBC's Karen Gilchrist weighs in on declining volumes at AB InBev, led by soft demand for the Budweiser maker's beverages in China and Brazil.