Global arabica coffee prices hit record highs above $3.60 per lb on Wednesday as Brazil, by far the world's largest producer, has few beans left to sell and as worries over its upcoming harvest persist.

The increase comes after the cost of Arabica coffee from Latin America jumped nearly 2%. The jump came after President Donald Trump said he would impose a 25% tariff on Columbia, but that decision was put on hold. According to the World Bank, Arabica coffee had already increased by 13% in December.

Arabica coffee prices hit an all-time high after President Trump threatened to impose 25% tariffs and economic sanctions on Colombia, a major exporter, before backing down. Futures for the high-end be

Arabica coffee futures swung after hitting a fresh high Monday as trade tensions spooked a global market already facing tight supplies.

NEW YORK >> Global arabica coffee prices hit record highs above $3.60 per lb today as Brazil, by far the world’s largest producer, has few beans left to sell and as worries over its upcoming harvest persist.

On Tuesday, Arabica coffee prices hit an eye-watering new high on the Intercontinental Exchange at $3.48 a pound, according to the Wall Street Journal. This means the price is up more than 40% over the last three months and 79% year-over-year — and it's set to trickle down to the consumer level soon.