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.

The White House cited national security concerns for its tariff on copper, and Trump asked for restrictions on the export of copper scrap.

President Donald Trump signed an executive order Wednesday to impose his threatened 50% tariffs on Brazil, setting a legal rationale that Brazil’s policies and criminal prosecution of former President Jair Bolsonaro constitute an economic emergency under a 1977 law.

Asian markets mostly fell Thursday while the dollar held most of its gains as traders weighed a cautious Federal Reserve with strong tech earnings and Donald Trump's tariffs on key economies South Korea and India.

President Donald Trump announced Wednesday that the United States would be imposing 25 percent tariffs on India starting Friday — part of a flurry of recent actions on global trade. Trump said that while he considers India “our friend,

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days