US-Colombia Free Trade Agreement goes into effect

The trade pact, which went into effect Tuesday, eliminates duties on more than 80 percent of U.S. industrial and consumer product exports with the remaining tariffs phased out over the next 10 years. Since these tariffs ranged from 7.4 percent to 14.6 percent, their elimination will immediately make U.S. exports more competitive. More than half of current U.S. farm products such as soybeans, beef, bacon, cotton and nearly all fruits and vegetables can now enter Colombia duty-free and tariffs on the rest will be dropped within 15 years. Click here to read more at the Miami Herald…