Colombian president Juan Manuel Santos on Tuesday announced that he will impose a tariff on imports of clothes and shoes following a flood of cheap foreign goods.
Colombia will put a $4 per kilo (2.2 pounds) tax on all imported apparel and footwear in order to defend the country against “unfair competition.”
“We respect free trade but we cannot allow free trade to lead to unfair competition,” said the president. There has lately been a surge in low-cost imports that threatens Colombia’s native textile industry, the president explained.
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In order not to penalize all importers Santos also announced a drop of 5% in taxation on the same products, from 15% to 10%. The effect will be to hinder only those importing very low-cost garments.
The tariff will apply to imports from all countries and will not differentiate between different products.
