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.

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.

"Deeply regrettable" is how Japanese Prime Minister Shigeru Ishiba has described US President Donald Trump's latest tariff threat - a 25% levy on Japanese goods.

Meanwhile, Trump is doubling down on U.S. support for Israel’s devastating military campaign in Gaza, going as far as to sanction a United Nations official who had been critical of it.

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

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.

The resulting U.S. goods trade deficit with the Philippines widened to $4.9 billion in 2024, marking a 21.8% increase from the previous year.