Five decisive months: Colombia's challenge to avoid losing ground against new US tariffs
imports and exports Photo: EFE/Bienvenido Velasco
TL;DR
- A US Supreme Court decision has limited the imposition of global tariffs under the IEEPA, leading to the termination of additional charges applied under this act.
- A new 10% surcharge for 150 days, based on Section 122 of the Trade Act of 1974, has replaced the previous tariffs, requiring careful product classification.
- Colombia has a five-month window to adapt to the new tariff regime, with an estimated 68% of its export basket potentially exempt, depending on correct classification.
- International partners like Brussels and New Delhi are reassessing trade agreements with the US due to this uncertainty.
- The US is also engaged in military operations in the Caribbean and considering actions related to Iran, while internal legal battles over classified documents continue.