US President Donald Trump announced sweeping tariffs on Colombia before abruptly pulling the threat after reaching a deal on the return of deported migrants, a move that rattled global markets in the space of several hours.

Colombia has walked back from the brink of a damaging trade war with the United States, reaching an agreement on accepting deported migrants being returned on military planes, after a flurry of threats from President Donald Trump that included steep tariffs.

Colombian President Gustavo Petro announced that Colombia was suspending permission for previously authorized U.S. deportation flights to land in Colombia. Ostensibly driving Petro’s action were concerns that Colombian nationals were not being treated with respect during the deportation process because they were being transported by military aircraft.