President Trump said his administration would impose 25% tariffs on Colombian goods coming into the U.S., retaliating against the South American country for rejecting two U.S. flights carrying migrants back home.

The White House claimed victory in a showdown with Colombia over accepting flights of deported migrants from the U.S. on Sunday, hours after President Donald Trump threatened steep tariffs on imports and other sanctions on the longtime U.

The Mexican peso depreciated in international trade after U.S President Donald Trump announced he would impose tariffs on Colombia, reviving concerns about his trade policy.