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.

The Mexican peso tumbled on Monday as investors worried that trade disputes would again whipsaw markets after U.S. President Donald Trump’s overnight threat to impose steep tariffs on Colombia.

President Trump has threatened to impose tariffs on Canada over drug trafficking, equating it with Mexico. U.S. government reports do not support the claim.

The US and Colombia pulled back from the brink of a trade war after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants.

Investing.com -- As President Trump’s February 1 tariff deadline approaches, Wolfe Research warns that "any given day we could wake up to another situation like Colombia," referencing last weekend’s swift tariff threats that led to a policy reversal from Bogotá.

After US President Donald Trump threatened Colombia with a 25% tariff if the country didn't agree to accept deported migrants, the White House reported that South American nation agreed to Trump's terms.

Shortly after last November’s election, Trump threatened China, Mexico, and Canada with 10% and 25% tariffs, respectively.

In his first week back in the Oval Office, Trump has quickly torn up his predecessor’s alliance-driven foreign policy in favor of an even more rambunctious 2.0 version of “America First.” His provocations have raised tensions with key allies on multiple continents — and set up showdowns with other leaders that,

President Donald Trump has already forced Colombia to accept deportees by threatening tariffs and is readying the same move against Canada and Mexico as soon as Saturday

“The Government of Colombia, under the direction of President Gustavo Petro, has arranged the presidential plane to facilitate the dignified return of the compatriots who were going to arrive in the country today in the morning, coming from deportation flights,” a translated official statement read in part.

The U.S. State Department also said that it would stop issuing visas to Colombian travelers until deportation flights resumed. Colombia received more than 120 deportation flights last year, but those were charter flights operated by U.S. government contractors.

STORY: The U.S. and Colombia pulled back from the brink of a trade war on Sunday. U.S. President Donald Trump had threatened tariffs and sanctions on Colombia for refusing to accept military flights carrying deportees as part of his sweeping immigration crackdown.