Colombia has walked back from the brink of a damaging trade war with the United States, reaching an agreement on accepting deported migrants being returned on military planes, after a flurry of threats from President Donald Trump that included steep tariffs.

President Donald Trump’s threat to impose a 25% tax on imports from Colombia comes at a most inauspicious time: The wrangling over the South American country's willingness to accept flights carrying deported immigrants is flaring up just three weeks before Valentine's Day,

The US is Colombia's biggest export market, but it makes up only 0.5 percent of American imports, ranking as the 26th largest goods importer to the US.

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. And the price is still rising.