Brazil is scrambling to avert punishing 50% U.S. tariffs in a week's time, but high level talks are stalled and U.S. companies are reluctant to confront U.S. President Donald Trump over the issue, officials and industry leaders say.

Brazil’s Finance Minister Fernando Haddad said on Monday that negotiations with the United States are ongoing, but it is unlikely that any new trade deal will be in place before possible 50% tariffs take effect on August 1.