American consumers narrowly escaped dramatic increases in the cost of their morning coffee and Valentine’s Day flowers after President Donald Trump on Sunday announced, then quickly rescinded, a 25% tariff on all imports from Colombia — with plans for a whopping 50% tariff to be imposed one week later.

But there are risks too - coffee prices could rise and nations may be less willing to stop the flow of migrants north.

US President Donald Trump announced sweeping tariffs on Colombia before abruptly pulling the threat after reaching a deal on the return of deported migrants, a move that rattled global markets in the space of several hours.

BEIJING – China pledged to accept the return of undocumented Chinese citizens in the US, after US President Donald Trump threatened to hit Colombia with tariffs of up to 50 per cent for refusing to take back deported migrants.

Colombian President Gustavo Petro agrees to receive undocumented migrants as President Donald Trump steps up deportation efforts. Mr. Petro initially rejected two groups of migrants sent to Colombia because they were not treated with “dignity.