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US starts collecting Trump's new 10% tariff, smashing global trade norms

World News

05-04-2025 | 03:45

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US starts collecting Trump's new 10% tariff, smashing global trade norms

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U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

The initial 10% "baseline" tariff took effect at U.S. seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump's full rejection of the post-World War Two system of mutually agreed tariff rates.

Trump's Wednesday tariff announcement shook global stock markets to their core, wiping out $5 trillion in stock market value for S&P 500 companies by Friday's close, a record two-day decline. Prices for oil and commodities plunged, while investors fled to the safety of government bonds.

Among the countries first hit with the 10% tariff are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia. A U.S. Customs and Border Protection bulletin to shippers indicates no grace period for cargoes on the water at midnight on Saturday.

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