Coffee prices hit a new high Monday, the day after President Donald Trump threatened – and then reversed course on – a 25% tariff on Colombia, during a spat about deportation flights from the US.

A short-lived tariff feud with the Latin American nation underscored the president's propensity to use economic sanctions as political leverage.

Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to “respect” the United States.