“We will continue receiving the Colombians who return as deportees, guaranteeing them conditions of dignity,” Murillo said.

Trump’s move to quickly threaten tariffs on billions of dollars in trade in oil, cut flowers, coffee and more served as a stark reminder of his eagerness to use economic tools to achieve geopolitical goals. But his rapid U-turn also illustrated why the president faces questions about his willingness to make good on his threats.

That uncertainty left a cloud hanging over global markets even after the decision was reversed. The weekend announcement made it clear that tariffs will be the first weapon Trump turns to for policy disagreements, while the rapid resolution will do little to quell investor nerves over their usage.

The Mexican peso and South African rand led losses among emerging-market currencies as the dollar strengthened versus most of its major peers. The greenback had endured its worst week in more than a year last week as Trump refrained from immediately imposing tariffs on China and other major trading partners — moves that would favor a stronger US currency.