From the minute Donald Trump slapped tariffs on Brazil, President Luiz Inacio Lula da Silva bet the US leader was going all-in on a weak hand. The wager paid off Thursday, when Trump limped away from the battle.

In an executive order, Trump exempted dozens of Brazilian food products, including coffee and beef, from the 40% increased tariffs he imposed in an ill-fated attempt to help former President Jair Bolsonaro dodge a coup attempt trial.

Together with prior exemptions, the move will leave many of the nation’s major exports free from heightened US duties, a victory for an agricultural powerhouse that ranks as the world’s largest beef and coffee producer and counts the US as its No. 2 trade partner.

It’s an even bigger win for Lula, the 80-year-old leftist who staked his once-strugg

See Full Page