President Trump on Sunday said he was imposing large tariffs and significant sanctions on Colombia after its government refused to accept two military cargo flights carrying deported Colombians. Why it matters: The Latin American country has long been a crucial U.

Trump, who has been in office for less than a week, pledged to slap 25% tariffs on Colombian exports, the source of one-fifth of coffee in the United States, and to raise them to 50% within a week

In a major move, Colombian President Gustavo Petro has announced the introduction of 25% tariffs on a range of imports from the United States.