Ecuador to Impose 30 Percent Tariffs on Colombia

Ecuador’s President Daniel Noboa announced that the country will impose a 30 percent tariff on Colombian goods, effective 01 February. President Noboa cited a trade deficit and lack of cooperation to tackle drug trafficking as the reasons for the tariffs. The tariffs include some exceptions, including the sale of electricity and oil logistics services. The imposition of tariffs is likely to significantly impact trade between the countries, particularly for pharmaceutical products, plastics, and automotive parts.