Lula’s Defiance Pays Off as Trump Blinks on Brazil Tariffs (1)

Brazil President Luiz Inacio 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.

Some of Brazil’s biggest exports to the US, from civilian aircrafts to orange juice, won’t face increases beyond the 10% rate previously imposed, softening the blow of tariffs Trump now plans to implement next week instead of Friday.

It came as a shock to a Brazilian administration that had limited contact with the ...