Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes

Lula said he will trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.

Brazil's President Lula is firing back at Trump's 50% tariff threat — saying Brazil is ready to match any U.S. import taxes, dollar for dollar.