Briefly

ECUADOR

Nation raises tariffs on Colombia to 100%

Ecuador's government on Thursday said it was raising tariffs on imports from its neighbor Colombia to 100 percent from 50 percent, citing Colombia's alleged failure to implement border security measures. Ecuador said the tariffs would take effect from May 1. The South American country had raised tariffs to 50 percent in late February, up from 30 percent, which it had first imposed at the end of January. It has justified the measures by saying Colombia is not doing enough to fight drug trafficking near the shared border. Colombia did not immediately announce reciprocal measures, but top officials blasted the latest measures on social media. "This is simply a monstrosity," Colombian President Gustavo Petro said on X, adding that it suggested trade agreements in the Andean region had lost their value, and his foreign minister should move for greater integration with Central America, the Caribbean and South America's Mercosur bloc.

JAPAN

Tokyo to release extra 20 days' oil reserves

Japan plans to release 20 days' worth of oil reserves from May, Prime Minister Sanae Takaichi said on Friday, adding to the ongoing efforts that began in mid-March. Takaichi revealed the plan at a ministerial meeting on the day to address the Middle East situation amid uncertainty over safe passage through the Strait of Hormuz despite the US-Iran ceasefire deal. The Japanese government began releasing some 50 days' worth of reserves to the market on March 16 to secure stable supplies after the outbreak of the Middle East conflict in late February left the key oil shipping route largely closed. Although the United States and Iran have agreed on a two-week ceasefire, it remains uncertain whether shipping through the Strait of Hormuz can resume smoothly or return to prewar operating conditions. Takaichi told the media that "we will take every possible measure to ensure a stable supply of crude oil".

Agencies - Xinhua