Brazilian goods imported by the United States will soon carry one of the highest tariffs imposed by President Donald Trump, but that will not likely derail Latin America's largest economy, due to ample exemptions and stronger trade ties with China.

The president typically ties his tariffs to trade policy, but he hit Brazilian products with the highest rate of any country's goods largely due to 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.