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.

By Luciana Magalhaes and Ana Mano SAO PAULO (Reuters) -Brazilian companies reacted with a mix of relief and doubt after the White House surprised them on Wednesday with a list of nearly 700 exceptions to the 50% tariff U.

The US also imposed a 50% tariff on Brazil after Trump accused it of "attacks" on US companies and of conducting a "witch hunt" against Bolsonaro.