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

Donald Trump announced "emergency tariffs" of 25 percent on all imported Colombian goods, along with other "retaliatory measures."

The Colombian president pushed back against Trump’s threats to impose tariffs at first. But he later changed his mind.

Colombia said they would accept deportation flights carrying Colombian migrants after the Trump administration threatened to impose tariffs.

Hours after threatening punitive tariffs, the White House said Colombia agreed to accept deported migrants and lifted the threat of new levies.