President Donald Trump’s tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland.

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.

Trump's finalized list of tariffs imposes heavy levies on Switzerland, Laos, Syria, Iraq, Serbia, Algeria and others.

Trump has set a whopping 50% tariff on Brazilian goods - the highest rate levied by the US on a country thus far.

President Trump aims to use a historic increase in tariffs, which he announced on July 31, to overhaul global trading alliances.