Ecuador's government said Thursday it will raise tariffs on imports from Colombia to 50% from 30%, effective Sunday, amid a deepening crisis.

Nearly $273 million in annual Ecuadorian exports are at stake if a reciprocal 30% tariff announced by Ecuador and Colombia takes effect.

Ecuador's government said Thursday it will raise tariffs on imports from Colombia to 50% from 30%, effective Sunday, amid a deepening crisis.

The new announcement from Quito follows an initial 30 percent tariff imposed by the Andean nation in early February.