We will have to see if anyone ultimately blinks, but one of the biggest errors that Trump (and frankly our media and his supporters) make is assuming that countries will just roll over when he takes actions like this.
First of all, countries have pride and patriotism... When we insult them and inflict economic pain on them, they are unlikely to respond kindly. Even if we are bigger than them... Giving into bullies means getting bullied even more in the future.
Second of all, the Colombians all know they sell us products that we like. We all go to Starbucks or Biggby or wherever and buy coffee, or to Speedway or Casey's or wherever to buy gas. They know that Trump is susceptible politically to increases in prices on these items. And they know that they have imports (such as corn, a huge staple in the Midwest and one that they import a lot of) where they can hit us with tariffs.
All of this is to say others have always had way more leverage than is assumed