President Donald Trump and Colombian President Gustavo Petro defended their views on social media and imposed tariffs on each other’s goods.

Colombia backed down in a dispute over flights of deported migrants after the new US president threatened to impose steep tariffs.

Colombia is a relatively minor trading partner to the United States, but some industries are much more exposed than others.

Oil prices edged up on Monday, with traders still on edge despite the U.S. pulling back from initial sanctions threats against Colombia, reducing immediate concern over oil supply disruptions.

The U.S. will not impose sanctions and tariffs on Colombia after the South American nation agreed to accept deported migrants from the United States, the White House press secretary said in a statement late on Sunday.

Trump had threated to impose 25% tariffs on all imports from Colombia, which would rise to 50% in a week, unless it agreed to accept deported migrants.

President Donald Trump announced retaliatory measures against Colombia after the country refused to accept deportation flights of Colombian migrants.

Colombia’s president said his nation would not accept flights of deported migrants. Then each country announced retaliatory tariffs.

Trump has kicked off a series of raids and deportations that belie his goal of prioritizing arrests of immigrants with criminal backgrounds.

The U.S. and Colombia pulled back from the brink of a trade war yesterday after the White House said the South American

Colombia on Sunday backed down and agreed to accept deported citizens sent on US military aircraft, hours after President Donald Trump threatened painful