Oil futures traded slightly lower Monday morning after President Trump paused steep retaliatory tariffs that he had threatened against Colombia, a key source of U.S. crude imports.

President Donald Trump’s newly announced tariffs on goods from Colombia could drive up the price of some items Americans buy every day.

Colombia-US clash erupts over deportation flights, sparking 50% tariffs and fiery statement on sovereignty from President Gustavo Petro.

The White House said Sunday night that Colombia has agreed to allow the United States to transport repatriated migrants back to the country after two US military planes carrying deportees were blocked by Colombia early Sunday,

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.S. partner.

The US will not go ahead with tariffs on Colombia, after Bogota agreed to accept - without restrictions - deported migrants, the White House says. Donald Trump had ordered 25% tariffs on all Colombian goods after its president barred two US military deportation flights from landing in the country on Sunday.