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.

SAO PAULO (Reuters) -Approval for Brazilian President Luiz Inacio Lula da Silva exceeded disapproval for the first time in nine months, a poll showed on Thursday, against a backdrop of a growing dispute with Washington.

Brazilian President Luiz Inácio Lula da Silva says that his government has not been successful in trying to negotiate the 50% tariff on Brazilian imports that U.S.