“We will only make US imports more expensive if they take away our jobs. But we will not raise tariffs if their goods help create higher-value jobs,” the president commented in a message posted on his X social media account.
In the president’s opinion, Donald Trump’s decision to issue tariffs by geographic area and not by type of product, if it gives the Latin American region a competitive edge.
“Colombia would benefit if its business community helps us lower energy rates and if the board of the Central Bank of the Republic abandons its cult and begins lowering interest rates to reduce financial costs,” he stated, referring to the country’s central bank decision to leave interest rates at 9.5 percentage points.
The president stated that local businesses should take advantage of the current situation by considering that agro-industrial and semi-industrial products from countries outside Latin America will become more expensive in US markets.
“If we can produce these goods more cheaply, it’s time to export them there,” he recommended.
He also described the moment as opportune to implement a shift in the export matrix toward higher levels of added value generation and advocated for diversifying the destination of products.
During this same day, the Colombian Ministries of Foreign Affairs and Trade, Industry, and Tourism issued a joint statement confirming that they are working on a comprehensive strategy to expand and consolidate new export destinations.
“The recent imposition of a 10 percent base tariff should be viewed as an opportunity to accelerate this internationalization strategy and consolidate the presence of our products in more markets around the world,” the statement stated.
The statement added that, nevertheless, Colombia will continue to work in coordination with the United States government and the private sector to maintain and project exports into the future, “identifying avenues for dialogue and cooperation that will help mitigate the impacts on our producers.”
In 2024, Colombian exports to the northern nation amounted to $14.336 billion, representing 28.9 percent of total foreign sales.
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