Colombia’s dollar bonds dropped after the U.S. “decertified” the nation as a partner in the war on drugs amid the biggest cocaine boom in history.

The move by the Donald Trump administration is likely to hit foreign investment, multilateral funding and tourism, as a long-time ally of Washington now finds itself in the same rogue category as Venezuela, Bolivia, Afghanistan and Myanmar.

Colombian dollar bonds dropped across the curve and were among the worst performers in emerging markets on Tuesday. Notes due in 2053 lost more than half a cent, the most since early August, to trade below 113 cents on the dollar, according to indicative pricing data compiled by Bloomberg. The peso was little changed in early trading.

“The U.S. is decertifying us after dozens of deaths of police, soldiers,

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