Can "T t = {};" and "T t{};" produce different results?

If you consider a case in which one statement will compile, but the other will not compile as "different effects," then yes, here's a context:

#include <iostream>

class T {
public:
    int data{ 0 };
    explicit T() {
        data = 0;
        std::cout << "Default constructor" << std::endl;
    }
};

int main()
{
    T t1 = {};
    T t2{};
    return 0;
}

The line declaring/initializing t1 gives the following, with clang-cl:

error : chosen constructor is explicit in copy-initialization

The MSVC compiler also complains:

error C2512: 'T': no appropriate default constructor available
message : Constructor for class 'T' is declared 'explicit'

The difference is in explicit. I've managed to make msvc difference, but it looks like a compiler bug:

#include <iostream>
#include <initializer_list>

struct T
{
    template<class... A>
    T(A...) {std::cout << "1\n";}
    explicit T() { std::cout << "2\n"; }

};


int main()
{
    T t1 = {}; // 1
    T t2{}; // 2
}