By Luciana Magalhaes and Lisandra Paraguassu SAO PAULO/BRASILIA (Reuters) -U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro,

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.

Brazil will pay as much as 50% tariffs on goods exported to the United States. But experts say the tariffs, along with sanctions on a Brazilian judge, indicate this isn't about economics but about Trump's politics.