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.

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.