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 Donald Trump sent out tariff letters to six smaller U.S. trading partners on Wednesday with a pledge to announce import taxes on other countries later in the day.

Brazil’s currency dropped 2.3 per cent to R$5.58 against the US dollar in afternoon trading in New York.

Instead, it’s been a return to chaos.

all three major U.S. indexes only a short distance away from record highs.

Oil prices dropped on Thursday as the latest tariff announcements by U.S. President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource.

Trump said he would levy 30% tariffs on Libya, Iraq, and Algeria, effective Aug. 1.

President Trump has announced a new round of tariffs for six countries that include the Philippines, Iraq and Libya.

But eight of Monday’s letters outlined rates lower than those previously-announced amounts, while two were slightly higher.