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.

Faced with threats of 50 percent tariffs and demands to end a criminal case, President Luiz Inácio Lula da Silva said he wouldn’t take orders from President Trump.