Volatility in Brazilian assets soared as traders rushed to assess the endgame of President Donald Trump’s threat to impose 50% tariffs on all goods from the South American nation. A measure of one-month swings for the real jumped to the highest since April as the currency went from the worst to the best in emerging markets in the span of an hour.

President Trump’s ever-swerving tariff regime has taken more sharp turns this week.On July 7, his administration pushed back some of its most punishing duties by three more weeks to August, following a 90-day delay.