Brazil President Luiz Inácio Lula da Silva’s defiant response to Donald Trump’s 50% tariff threat was validated Wednesday — at least in the short term — with markets and businesses breathing a collective sigh of relief at the long list of exemptions to the levies.

The U.S. excluded several of Brazil's major exports from the 50% tariff President Donald Trump signed into an executive order on Wednesday, including orange juice, some aircraft, wood pulp and energy products,

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