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.

The White House concluded that non-tariff methods for punishing Brazil would take too long, two people familiar with the situation said.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

President Donald Trump singled out Brazil for import taxes of 50% on Wednesday for its treatment of its former president, Jair Bolsonaro, showing that personal grudges rather than simple economics are a driving force in the U.

Is Donald Trump willing to punish consumers because he hopes to shield Brazilian President Jair Bolsonaro from legal accountability? Actually, yes.

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Trump slapped a 50% tariff on Brazil, and Brazilian President Luiz Inacio Lula da Silva said his country would respond.