Colombia's president has asked his ally Trump to suspend tariffs to help the South American nation recover from a powerful earthquake that killed at least 289 people.
The announcement appears to mean goods from China, a major trading partner of both Iran and the United States, would become significantly more expensive to import.
President Trump signed a New Year's Eve proclamation delaying increased tariffs on upholstered furniture, kitchen cabinets and vanities for a year.
President Donald Trump announced a $12 billion farm aid package on Monday.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The meeting is set to begin at 11 a.m. (10 p.m. ET) in Busan, South Korea.