Trump’s 10% worldwide tariff goes into effect as the US starts to levy import taxes

Trump’s broad 10% import tax has been enforced by US customs, igniting market turbulence and recessionary fears.

On Saturday, US customs officials started collecting President Donald Trump’s 10% unilateral levy on all imports from a number of nations. Next week, bigger charges on goods from 57 major trading partners are scheduled to be implemented.

Trump completely rejected the post-World War Two system of mutually agreed tariff rates when the first 10% “baseline” tariff paid by US importers went into effect at US seaports, airports, and customs warehouses at 12:01 a.m. ET (0401 GMT).

Kelly Ann Shaw, a trade attorney at Hogan Lovells and a former White House trade adviser during Trump’s first term, declared, “This is the single biggest trade action of our lifetime.”

As nations look to negotiate lower rates, Shaw stated at a Brookings Institution event on Thursday that she anticipated the tariffs would change over time. “This is quite a dramatic and important change in how we trade with all of the nations in the world,” she continued.

The S&P 500 index (.SPX) lost $5 trillion in value as a result of Trump’s tariff statement on Wednesday, and by Friday’s end, new tab firms had opened, marking a record two-day fall. Fears of a recession caused commodities and oil prices to plummet, and investors retreated to government bonds for safety.

Despite having goods trade deficits with the US last year, Australia, Britain, Brazil, Colombia, Argentina, and Saudi Arabia were among the nations initially impacted by the 10% tax. According to White House officials, many nations’ deficits with the US would increase if their policies were more equitable.

For shipments loaded or in route to the US before 12:01 a.m. ET on Saturday, a U.S. Customs and Border Protection advisory opened a new tab and granted a 51-day grace period. In order to avoid the 10% charge, these cargoes must arrive by May 27.

On Wednesday at 12:01 a.m. ET, Trump’s increased “reciprocal” tariff rates of 11% to 50% are scheduled to go into force. Trump will impose a 20% tariff on imports from the European Union and a 34% tariff on Chinese goods, increasing his total new tariffs on China to 54%.

Beijing rejected Trump’s tariffs on Saturday, saying, “The market has spoken.” China implemented a number of remedies, such as export restrictions on certain rare earth minerals and additional 34% tariffs on all US goods.

Trump claimed on social media on Saturday that “China has been hit much harder than the USA, not even close.” “WE WILL SUCCEED IN THIS ECONOMIC REVOLUTION.” Hang tough; the outcome will be monumental even though it won’t be simple.

Shortly after making the remark, Trump was seen reading a New York Post piece about the stock market decline and China’s response against US tariffs as he arrived at his Trump National Golf Club in Jupiter, Florida.