Trade Impact - President Donald Trump announced a 25% tariff on all goods from Colombia, which could increase to 50% within a week [2] - Tariffs act as a tax on imported goods, often leading to higher prices for US consumers [3] - Total bilateral trade between the US and Colombia was $53.5 billion annually as of 2022, with the US having a trade surplus of $3.9 billion [4] Key Exports Affected - Petroleum is the largest export from Colombia to the US, valued at approximately $6 billion in 2022 [5] - Coffee is the second-largest export, valued at $1.8 billion, with Colombia accounting for 20% of US coffee imports [6] - Cut flowers are the third-largest import from Colombia, valued at $1.6 billion, followed by gold and aluminum structures [7] Economic and Industry Implications - The tariffs could impact billions of dollars of economic activity between the US and Colombia [4] - Coffee prices in the US rose 3.8% in 2024, above the overall inflation rate, and tariffs could further increase costs for consumers [6] - The tariffs are part of broader international tensions, particularly related to US immigration policies and objections from countries like Mexico and Brazil [7]
Coffee, crude oil and cut flowers: Here are the Colombian goods you may be paying more for under Trump's tariffs