The closest thing to winners may be the countries that caved to Trump's demands — and avoided even more pain. Barely six months after he returned to the White House, Trump has demolished the old global economic order.

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.