Coffee prices are brewing up a storm, hitting a new high this week. The spike comes just after President Trump made—and then backed off from—a threat to slap a 25% tariff on Colombian coffee. Even though the tariff didn’t happen, the mere mention of it sent jitters through the market, pushing prices higher.

Colombia is one of the world’s top coffee producers, ranking third behind Brazil and Vietnam. Futures for Arabica coffee, a popular variety grown in Latin America, climbed from $3.48 to $3.53 per pound in just two days. That’s a 1.7% jump from last Friday’s closing price.

Experts say Trump’s tariff threats aren’t the only thing driving the surge. Arabica coffee prices shot up by 13% in December alone, marking a staggering 60% increase compared to last year. Unpredictable weather in key coffee-growing regions like Brazil and Colombia has also played a role, with next season’s crop expected to disappoint.

The U.S., which relies heavily on imports for its coffee supply, brought in nearly $9 billion worth of coffee last year. Colombia alone shipped $1.4 billion worth to the U.S. through November, making it the second-largest exporter after Brazil. Big names like Starbucks, Nestle, and Keurig source much of their coffee from Colombia, but they lock in prices years in advance, so consumers may not feel the pinch right away.

Still, the uncertainty caused by Trump’s tariff threats has left importers and exporters on edge. Some companies are already preparing for potential price hikes by slowly increasing costs to build a financial cushion.

Even without the tariff, coffee prices were already on the rise due to supply shortages and growing demand. As one economist put it, “Coffee is one of those items that has seen rapid increases at the wholesale level, and those increases will likely hit grocery store shelves soon.”

So, whether you’re a casual coffee drinker or a daily espresso enthusiast, it might be time to brace for a pricier cup.