Can I still lose belly fat if I'm eating sweets while still exercising?

I've been doing lots of squats and sit-ups. I only drink water but when it comes to food there is nothing I really stay away from. I usually don't eat sweets but my cousin just opened up this cupcake business and I'm obsessed with her red velvet cupcakes. I'm trying to grow a butt so that's why I really don't avoid certain foods. I just mainly try to exercise, like running, doing squats, etc. For my stomach that's where the problem comes in. I'm not sure if I'm eating right when it comes to that. As long as I'm drinking lots of water and doing sit-ups, will my stomach actually get toned?
Can I still lose belly fat if I'm eating sweets while still exercising?
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