U.S. customs agents began enforcing President Donald Trump’s unilateral 10% tariff on all imports from various countries.
This marks a significant departure from the post-World War II system of mutually agreed tariff rates.
Key Details:
- Initial Tariff: The 10% baseline tariff took effect at U.S. seaports, airports, and customs warehouses at 12:01 a.m. ET. Higher levies ranging from 11% to 50% on goods from 57 major trading partners are set to begin next week.
- Economic Impact: The announcement of these tariffs earlier in the week caused a record two-day decline in U.S. stock markets, wiping out $5 trillion in market value. Oil and commodity prices also plunged, while investors sought refuge in government bonds.
- Affected Countries: Nations first hit by the 10% tariff include Australia, Britain, Colombia, Argentina, Egypt, and Saudi Arabia. European Union imports will face a 20% tariff, while Chinese goods will be subject to an additional 34% duty, bringing total levies on China to 54%.
- Grace Period: A 51-day grace period has been granted for cargoes already in transit before the tariff’s implementation, provided they arrive by May 27, 2025.