Brazil President Luiz Inácio Lula da Silva was elected to a fourth, nonconsecutive term in the nation's presidential election, according to early results released Sunday evening.

Why it matters: Lula's victory deals a setback to Brazil's right-wing populist movement and preserves a major counterweight to President Trump's influence in Latin America, with tensions over trade and tariffs threatening to persist.

Lula, the incumbent candidate, was facing Flávio Bolsonaro, the son of former Brazilian President Jair Bolsonaro. Flávio was widely seen as the heir to the nation's right-wing populist movement.

The latest: Lula thanked the Brazilian people after his election win, but Bolsonaro told reporters he would not accept the results and said they should be annulled, according to translations.

The big picture: The election has been shaped by the impact of U.S.…