As Brazil’s Luiz Inacio Lula da Silva and Donald Trump trade blows, the person they are fighting over has sent mixed signals to investors trying to divine who will blink first.

Brazil’s President forcefully rebuked Trump after the U.S. leader called the prosecution of Lula’s predecessor, Bolsonaro, a “witch hunt” and hiked tariffs on the Latin American nation.

In a fiery escalation of U.S.-Brazil tensions, Donald Trump has publicly defended former Brazilian President Jair Bolsonaro, slamming Brazil’s legal proceedings against him as “very unfair.” Trump called Bolsonaro a “good man” and “tough negotiator,