Government evaluates raising tariff imposed on 73 items from Ecuador to 50%
Contrary to backing down, the tariff war with Ecuador is about to reach its peak. As reported by the Minister of Commerce, Diana Morales, the Government is evaluating increasing the 30% tariff imposed on imports of 73 sub-categories of Ecuadorian products to 50%.
TL;DR
- Colombia may increase tariffs on 73 Ecuadorian product categories from 30% to 50%.
- This is a response to Ecuador's decision to raise security fees on Colombian imports.
- The measure seeks to achieve commercial balance, given Ecuador's smaller market share for Colombian exports.
- Key affected products include wood panels, preparations and preserves, shrimp, and crude palm oil.
- The trade dispute could make commerce between the two countries unsustainable.
- Colombia's trade balance with Ecuador, historically a surplus, has seen reductions in recent years.