The Brazil Tariff will result in a significant, and perhaps prohibitive, price increase in a staple American breakfast food," one U.S. small business says in a lawsuit.

Orange juice prices in the U.S. are already high. The suit argues that the tariff would lead to retail price hikes of up to 25 percent.

A Supreme Court judge ordered an investigation into potential insider trading in Brazil’s currency markets around the announcement of US tariffs on Brazilian goods.