The geopolitical turbulence isn’t limited to the Middle East. In South America, Ecuador announced it will raise tariffs on Colombian imports from 50% to 100% starting in May. The escalation follows a diplomatic row ignited when Colombian President Gustavo Petro called jailed former Ecuadorian Vice President Jorge Glas a “political prisoner.” Ecuador recalled its ambassador from Bogotá the day before.
Quito framed the tariff hike as a response to Colombia’s “lack of implementation of concrete and effective border security measures.” The two countries have been locked in a tariff war since February that has affected trade, energy cooperation, and cross-border transport.
