US begins collection of new 10% tariff

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On Saturday, U.S. customs agents began implementing President Donald Trump’s 10% tariff on imports from numerous countries. This is just the start, as higher tariffs will be applied to goods from 57 major trading partners next week.

The new tariff, set at a 10% baseline, took effect at U.S. ports, airports, and customs facilities starting at 12:01 a.m. ET (0401 GMT). This marks a decisive move by Trump to completely reject the post-World War II global trading system, where countries agreed on standardized tariff rates.

Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump’s first term, called this action “the most significant trade move of our lifetime.”

Speaking at an event hosted by the Brookings Institution, Shaw stated that she anticipated these tariffs would evolve as nations work to negotiate more favorable terms. “This is massive. It’s a dramatic shift in the way we conduct trade with all nations,” she remarked.

The tariff announcement earlier this week sent shockwaves through global stock markets, erasing $5 trillion in value for 500 companies by the close of Friday, setting a record for the sharpest two-day drop.

The prices of oil and other commodities dropped significantly, while investors turned to government bonds as a safer investment.

Countries like Australia, the UK, Colombia, Argentina, Egypt, and Saudi Arabia were among the first to feel the effects of the 10% tariff.

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A U.S. Customs and Border Protection notice to shippers clarified that there would be no grace period for goods already on the water as of midnight Saturday. However, it also outlined a 51-day grace period for shipments that were already in transit to the U.S. before the 12:01 a.m. ET deadline on Saturday.

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