Trump’s threat of higher tariff forces decline in Asian stocks
Asian markets are down this Monday comes after U.S. President, Donald Trump, threatened to impose huge tariffs on Colombia.
Earlier, Colombia had refused to accept deportation flights from the United States, with the threats now seen as a retaliatory move.
On Sunday, reports suggested Trump would slam Colombian goods with a 25 per cent tariff, with it soaring to 50 per cent next week.
Reports also indicate that the U.S. will revoke the visas of government officials.
These reports have caused panic in the markets leading to a dip.
In turn, Colombian President, Gustavo Petro, announced that 25 per cent levies would be hit on all imports from the United States, in retaliation.
Bogota has, however, reversed its decision, agreeing to now accept the deported citizens.
Foreign Minister, Luis Gilberto Murillo, confirmed this much to newsmen in the country.
Observers now wait nervously for the outcome of both nation’s decisions to see which way the market pivots to.
