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.

Analysts have noted that Asian countries are a major target of the documents so far.