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.

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.

President Trump’s tariff threat against Brazil to protect his ally, former President Jair Bolsonaro, has sparked political turmoil in the South American country.